“The science which studies human behaviour as a relationship between ends and scarce means which have alternative uses” - Lord Lionel Robbins (1935)
The principles of supply and demand are foundation of economics. In this we find the product (supply) that the consumer wishes to buy (demand) and in that we find price discovery and many other dynamics inside supply and demand like premiums, discounts and inventory. - Chad Hagan
"Market Clearing"
The price and quantity that equates the quantity demanded and quantity supplied; equates the demand price and supply price; and achieves market equilibrium. In other words, the market is “cleared” of shortages and surpluses. - AmosWeb
