Demand vs. Supply

The main cornerstone in Economics is demand and supply.

Demand (via Law of Demand)

Looking just at price and quantity and all other things equal, Law of Demand is when the price of a good rises then quantity demanded of that good falls or when the price of a good falls then quantity demanded of that good rises.

Supply (via Law of Supply)

Looking just at price and quantity and all other things equal, Law of Supply is when the price of a good rises then quantity supplied of that good rises or when the price of a good falls then quantity supplied of that good falls.

Quantity Demanded vs. Quantity Supplied

The quantity demanded is amount of a good or service that buyers are willing and able to purchase.

The quantity supplied is amount of a good or service that sellers are willing and able to sell.

Negative vs. Positive

Law of Demand is a negative relationship. So, price and its quantity go in opposite directions. Thus, the demand curve is downward sloping.

Law of Supply is a positive relationship. So, price and its quantity go in same direction. Thus, the supply curve is upward sloping.