A Quote by Jean-Baptiste Say
Demand and supply are the opposite extremes of the beam, whence depend the scales of dearness and cheapness; the price is the point of equilibrium, where the momentum of the one ceases, and that of the other begins.
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Like any business, the oil industry runs on the basic premise of supply and demand. The more supply - the lower the price. The higher the demand - the higher price. In other words, the more people who can buy oil, the higher the price of oil.
The price of ability does not depend on merit but on supply and demand.
The equilibrium between supply and demand is achieved only through a reaction against the upsetting of the equilibrium.
The opinions that the price of commodities depends solely on the proportion of supply and demand, or demand to supply, has become almost an axiom in political economy, and has been the source of much error in that science.
You want supply to always be full, and you use price to basically either bring more supply on or get more supply off, or get more demand in the system or get some demand out.
The moment that an artist takes notice of what other people want, and tries to supply the demand, he ceases to be an artist.
The price of crude oil accounts for 55 percent of the price of a gallon of gasoline, driven by global supply and demand. The United States depends on foreign sources of oil for 62 percent of our nation's supply. By 2010, this is projected to jump to 75 percent.
The supply price and the demand price should be roughly the same. You're not supposed to have two different prices. According to economists.
But it is clear that the price of labour has no necessary connection with the price of food, since it depends entirely on the supply of labourers compared with the demand.
I do believe that oil production globally has peaked at 85 million barrels. And I've been very vocal about it. And what happens? The demand continues to rise. The only way you can possibly kill demand is with price. So the price of oil, gasoline, has to go up to kill the demand. Otherwise, keep the price down, the demand rises.
'Perfect competition' is considered both the ideal and the default state in Economics 101. So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand.
The actual life of a thought lasts only until it reaches the point of speech...As soon as our thinking has found words it ceases to be sincere...When it begins to exist in others it ceases to live in us, just as the child severs itself from its mother when it enters into its own existence.
In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically opposed to the idea that wages are a market price-determined by supply and demand, the same as the price of apples or coal. And it is for that reason, rather than the practical details, that the broader political movement of which the demand for a living wage is the leading edge is ultimately doomed to failure: For the amorality of the market economy is part of its essence, and cannot be legislated away.
Four things have almost invariably followed the imposition of controls to keep prices below the level they would reach under supply and demand in a free market: (1) increased use of the product or service whose price is controlled, (2) Reduced supply of the same product or service, (3) quality deterioration, (4) black markets.
From the equilibrium and spontaneous order of Adam Smith and his heirs, from invisible-handed markets and perfect competition, supply and demand, and rewards and punishments, I was pushed to theories of disequilibrium and disorder, and information and noise, as the keys to understanding economic progress.
A system is in equilibrium when the forces constituting it are arranged in such a way as to compensate each other, like the two weights pulling at the arms of a pair of scales.
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