In class we are learning about economics, we have learnt alot so far and we have learnt some useful information!
When the producer is making a product, that is the supply of something, when the consumers want something or when they are having their say that is the demand that they are giving. The equilibrium point is when the supply and the demand of a certain product cross over. The price of a product is how much the consumers have to be able to pay for a product, and the quantity of a product is how much stock or amount they have of it. The consumer is the person who buys the product. The producer is the person who creates the product, graphs show helpful information in easy to read steps, the relationship is between the producer and the consumer.
I got all my helpful information on the website below.