The Law of Supply and Demand
The Law of Supply and Demand dictates the relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.
Economics is governed by the Law of Supply and Demand, which dictates the interaction between the supply of a resource and the demand for that resource. It defines the effect that product or service availability and the demand for that product or service has on Price. Generally, low supply and high demand increases price, while high supply and low demand reduces the price (see Figure 3.5).
Figure 3.5: Wikipedia: Supply and Demand
Data Ramification: When we introduce the economic data valuation methodology in Chapter 4, University of San Francisco Economic Value of Data Research Paper, we'll quickly learn that not all data is of equal value; that the ultimate determinant of the value of a supply of data is dependent upon the demand for that data driven...
