ABSTRACT
The science of economics, which is concerned with the use of scarce resources for the satisfaction of wants, is of great significance in all commercial activities undertaken for profit. One particular economic aspect of relevance to profitable farming is the law of demand and supply. This law in its simplest form refers to three aspects of the production (supply) and sales (demand) of all goods and services:
When more goods or services are available (supplied) than are wanted or can be sold (demanded) the price drops.
When more goods or services are wanted (demanded) than are available (supplied), the price rises.
When the quantity of goods or services available (supplied) is the same as the quantity wanted (demanded), then the price remains constant.
