The Law of Supply and Demand is a fundamental economic principle that describes how the price of a good or service is determined in a market. When the demand for a product increases and supply remains constant, prices tend to rise. Conversely, if the supply of a product increases while demand stays the same, prices usually fall. This interaction helps to balance the market. In a competitive market, suppliers aim to sell their products at the highest price possible, while consumers seek to buy at the lowest price. This ongoing tug-of-war between buyers and sellers shapes the availability and pricing of goods, influencing overall economic activity.