Supply and Demand

One of the first concepts I learned in A-level economics was supply and demand. Demand is how much people want to buy a product, while supply is how much businesses are willing to sell. I found it interesting that the price of a product is determined by both demand and supply. For example, if demand goes up and supply stays the same, prices will likely rise. On the other hand, if there is too much supply but not enough demand, prices will fall.

I also learned about equilibrium, which is the point where the quantity demanded equals the quantity supplied. This balance is important because it shows how markets work naturally. It was helpful to understand this concept through graphs, which made it easier to see how changes in demand and supply affect prices.