Supply and Demand is an economic model of the price determination in a market. In the market, the amount which is wanted by customers and the amount of products which are available. The market prices depend on levels of supply and demand and the relationship between the availability of goods and services. These levels rise and fall according to a number of factors, and can have a big impact on the success of a business.
Related Definitions in the Project: The Project Management; Procurement; Supply Chain Management
Example Article of the Demand:
The 2023 Oil Demand Conundrum (Source: Oil Price on 17 May 2023): By Innovation Policy Blog - In its latest Oil Market Report, the International Energy Agency forecast that global oil demand would hit 102 million barrels daily, driven by China, whose oil demand, according to the IEA, reached 16 million bpd two months ago. According to the IEA, oil demand will grow by a substantial 2.2 million bpd this year. A week ago, in its latest Monthly Oil Market Report, OPEC left its global oil demand growth forecast unchanged but revised its expectations of Chinese demand upwards: the cartel now expects it to grow by 800,000 bpd, up from an earlier forecast of 760,000 bpd. Meanwhile, oil prices remain stubbornly low despite this upbeat demand outlook. In fact, prices took a dip on the same day that the IEA released its report, which is unequivocally bullish. Why? Because data coming out of China showed that industrial activity and retail sales growth were weaker in April than forecast. ...
