The definition of the law of supply and demand is the relationship between the demand for a product in the market and the quantity supplied of said product with its corresponding price.
For the concept of the law of supply and demand to be fulfilled as such, it is essential that market conditions are totally free and there is no strong competition. In this way, the meaning of the law of supply and demand becomes one of the most important principles of economics.
Thus, the law of supply and demand consists of an equilibrium point, where VALUE and demand are in the same place. It is the moment in which consumers or demanders of the product are willing to buy them. The relationship of supply and demand is determined by a free and constant market. Therefore, the supply and demand curve is a true reflection of the variations between the quantity demanded of a product or service and the price of said good.