Supply and demand, why demand is better Article Example | Topics and Well Written Essays - 500 words

Supply and demand, why demand is better - Article Example One of the two factors in economics is dependent on the other and therefore the independent factor is the most important in economics. According Blaug, supply depends on demand in the market. The article is titled, Economic Theory in Retrospect and was published by the Cambridge University Press. The article is authored in English as the original language of the author and the target group. The major subjects covered in the article are economics and history within the concepts and discipline of economics. The economic history contained in the book is linked to the fathers of economic and the concepts they applied to explain economic. This book covers the historical situation and concepts economics and the current thoughts including the relationship between demand and supply. The author outlines the equations of demand and supply curves and it is from this point that the reliance of supply on demand in the economical perspectives reveals the significance of demand over supply. The impact of demand on the central factor of both demand and supply that is the price implies a course of effect on supply. The author argues that the increase in the demand of a given product at a given price increases the motive to supply the customers with the commodities demanded. When demand increases the prices in the market increases too prompting the need to meet the demand that is desired in the market and the producers are forced to increase the supply. Supply in market is linked to the possibility and surety that the market will be able to buy the products. Higher prices caused by increase in the demand in the market inspire the producers to increase the supply into the market. Higher prices indicate the times when the producers are targeting the market and this is the time they increase the supply into the market. This therefore reveals that demand is independent of supply while supply