Supply and demand are fundamental concepts in economics that describe how prices and quantities of goods and services are determined in a market. Supply refers to how much of a product producers are willing to sell at various prices, while demand indicates how much consumers are willing to buy. When supply exceeds demand, prices typically fall, and when demand exceeds supply, prices tend to rise. This interaction helps allocate resources efficiently, guiding production and consumption. Shifts in supply or demand due to external factors, like technology or consumer preferences, can lead to changes in market equilibrium. #PinoyForexCommunity