Explain supply, law of supply, demand, law of demand, and economic equilibrium.

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.