Demand and supply in product markets

Demand is defined as the quantity of a good or service consumers are willing and able to purchase at a given price at a particular time.
The Law of Demand argues that there is an inverse relationship between price and quantity demanded, all other factors remaining constant (ceteris paribus).
Factors that can influence demand include: consumer income, price of related goods (substitutes and complements), consumer tastes and preferences, and expectations of future prices.
A demand schedule is a table illustrating the quantity of a good that consumers are willing to buy at various prices.
A demand curve is a graphical representation of the demand schedule. It slopes downwards from left to right, indicating the inverse relationship between price and quantity demanded.

Supply is defined as the quantity of a good or service that producers are willing and able to sell at a given price at a particular time.
The Law of Supply posits that there is a direct relationship between the price of a product and the quantity supplied, ceteris paribus.
Factors that can impact supply include: cost of inputs, technology, expectations of future prices, taxes and subsidies, and the number of sellers in the market.
A supply schedule is a table that shows the quantity of goods that a producer is willing to sell at different price levels.
A supply curve is a graphical representation of the supply schedule. It slopes upwards from left to right, given the direct relationship between price and quantity supplied.

Market Equilibrium occurs at the price where quantity supplied equals quantity demanded.
At the equilibrium price, there is no shortage or surplus of the product.
Any change in the determinants of supply or demand other than the price of the good itself will shift the supply or demand curve and change the equilibrium price and quantity.
In case of a shift, the market will adjust via the price mechanism to reach a new equilibrium point.

A movement along the demand or supply curve refers to a change in quantity demanded or supplied resulting from a change in the product’s price. This is called a ‘change in quantity demanded/supplied’.
A shift in the demand or supply curve refers to a situation where a non-price determinant of demand or supply changes. This changes the quantity demanded/supplied at each potential price, and thus shifts the entire demand or supply curve. This is called a ‘change in demand/supply’.