Define Demand, Supply, and Equilibrium Price

question 141

Essay

Define demand, supply, and equilibrium price.

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Definitions:

Transcendent

Independent of. In the philosophy of religion, a transcendent God is one who is distinct and separate from the universe he created. This is contrasted with the concept of an immanent God, for example, in pantheism, where God is identical with his creation, or, to take a different example, in certain forms of humanism, in which God is identical with humankind. (G. W. F. Hegel argued such a thesis.)

Existence

Refers to the state or fact of being real or living, or of being present in a particular situation or under specific conditions.

Relate

To relate means to establish a connection or association between two or more entities, concepts, or people.

Immanuel Kant

A German philosopher who is a central figure in modern philosophy, known for his contributions to epistemology, ethics, and aesthetics, particularly his theory of transcendental idealism and the categorical imperative.