Competition. Factor conditions of supply and demand (most important)

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Competition. Factor conditions of supply and demand (most important)

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54. Factor conditions of supply and demand

Demand is a form of expression of a need presented on the market and provided with appropriate funds. Demand is a solvent need.

Proposal - is the totality of goods that are on the market or capable of being delivered there. It is predetermined by production, but not identical to it. The difference always exists because the movement of prices, with the volume of production unchanged, changes the size of the supply. Equality of supply and demand does not always mean equality of production and demand.

In a certain ratio of supply and demand for individual goods and their groups and for the mass of goods as a whole, the market situation finds manifestation. It develops and changes under the influence of numerous factors: the scale of production, the size of stocks, the dynamics of prices and cash income, the organization of trade and advertising.

The normal ratio of supply and demand is their balance, i.e., the correspondence between the volume and structure of demand for goods and services and the volume and structure of their supply.

Market equilibrium - this is one of the manifestations of balance, proportionality in the development of the economy. The violation of the correspondence between supply and demand reflects the emergence of disproportions in the economy and has an extremely negative effect on the development of production and the solution of social problems.

Result lagging supply behind demand is the rise in prices, their separation from the socially necessary labor costs. Price increases can take various forms: direct growth or hidden ones, including due to assortment shifts, when the buyer refuses to purchase outdated products at stable prices, but prefers modern designs, even if for a higher fee. This breeds speculation.

The consequences of violations of the balance between supply and demand are not limited to rising prices. The market distortion resulting from the systematic separation of supply from demand distorts the normal economic turnover and leads to the dictatorship of the producer. As a result, the process of product renewal slows down, scientific and technological progress and the improvement of the quality of goods and services are seriously hampered, and financial imbalances increase. All this weakens the effectiveness of economic levers and incentives, disorganizes production and the market.

Supply and demand are influenced by numerous factors and react differently to them. The degree of change in supply and demand under the influence of one or another factor characterizes their elasticity.

Author: Ilyina V.N.

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