Title: Explain supply, law of supply, demand, law of demand, and economic equilibrium.
Course: Principles of Business and Marketing (12051-18) > Section: Understanding the Role of Economics in a Global Economy

Explanation should include the following concepts:

- Supply is the quantity of goods producers are willing to make and sell.
- Law of supply states that when prices are high, supply will rise.
- Demand is the consumer willingness and ability to buy products.
- Law of demand states that when prices fall, demand will rise.
- Economic equilibrium is the point at which quantity demanded and quantity supplied are equal.