Chances are the participants referred at some point to supply and demand .
The purpose of this unit is to describe, exactly, the economic meaning of these terms. As such it will introduce to the student a new vocabulary. Perhaps most importantly, this unit will show how demand and supply interact to establish equilibrium in a market. This unit will then expand on these concepts by describing other variables, besides the price of a good or service, that can affect either the supply of or the demand for a product.