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Below the image describes, in the most basic way, how economic supply and demand works. The diamond ring represents products or services that are high value or cost but in turn are in low supply. However, the rocks deomonstrate products or services that are high supply but in turn have a low value.

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Video #3: The law of supply is effectively the inverse of the law of demand.

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What motivates the supplier? What factors will alter supply? "Episode 13: Supply" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

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After understanding the law of demand, the law of supply is simple, it's effectively the inverse of the law of demand. It states that as the price rises for a given product or service, suppliers are willing to supply more. Selling more goods or services at a high price means more revenue for the supplier.

http://economictimes.indiatimes.com/definition/law-of-supply

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Video #2: The law of demand states that if all other factors remain constant, fewer people will demand it.

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Video #1: Economic demand is a term used to describe a consumer's desire and willingness to pay a certain price for a specific good or service.

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Lemonade Economics - Demand vs Quantity Demanded

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The quantity of lemonade sold is affected by both its own price and other non-price factors. - created at http://goanimate.com/ Soundtrack: "mi-primer-y-ultimo-reggaeton" by BrunoXe http://jamendo.com/track/19873/mi-primer-y-ultimo-reggaeton For more economics cartoons, see http://youtube.com/user/flashecon

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The law of demand states that there is a direct relationship between the price of a good and the demand for it. In particular, people generally buy more of a good when the price is low and less of it when the price is high.

To put it simply, the law of demand states that if all the other factors remain constant, if a good's price is higher, fewer people will demand it. As the price of that good goes down, the quantity of that good that the market will demand will increase.

http://economictimes.indiatimes.com/definition/law-of-demand

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Picture #1: The below scale shows the balance that is maintained at a certain price. The shift that occurs when a price rises compared to when a price falls is illustrated.

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Picture #2: Supply VS. Demand. Below is a graph that visually represents the 'market equilibrium' that must be maintained between demand and supply in order to maintain a happy customer and a strong market.

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Demand is an economic principle that describes a consumer's desire and willingness to pay a price for a specific good and/or service.

An easy way to think of demand is to imagine it as your willingness to go out and buy a certain product.

http://www.preservearticles.com/201105287204/what-is-demand-in-economics.html