This is importnant because supply and demand is one of the most crucial concepts of economics. Supply and demand is what keeps the economy running. Without supply, there would be no demand and vice versa. The supply relationship is the relation of the price and how much of a good or service is supplied to the market. With that being said, price is a reflection of supply and demand. Another reason why supply and demand is important is because in market economy theories, demand and supply will distribute resources in the best possible way.
The pictures I have provided are some prime examples of graphs, and tables of supply and demand.
The supply and demand schedule is a table of the quantity demanded of a good at different price levels. Given the price level, it is easy to determine the expected quantity demanded.
The supply and demand schedule is a table of the quantity demanded of a good at different price levels. Given the price level, it is easy to determine the expected quantity demanded.
Definitions:
A demand schedule is typically used in conjunction with a supply schedule showing the quantity of a good that would be supplied to the market at given price levels. Then, graphing both schedules on a chart with the axes described above, it is possible to obtain a graphical representation of the supply and demand dynamics of a particular market.
A supply schedule is a simple means of summarizing information about supply price and quantity supplied for a particular good. It is used to highlight the law of supply. It can also be used to derive a supply curve.