Understanding the laws of supply and demand and their affect on price is one of the fundamental building blocks to comprehending macroeconomics. The law of demand states, quantity demanded rises as price falls, other things constant (Colander, 2004). Alternately the quantity demanded falls as price rises, other things constant (Colander, 2004). Expanding the definition of the law of demand as the need or demand for a product or service increases and the supply remains unchanged the price will increase. The law of supply states, quantity supplied rises as price rises, other things constant (Colander, 2004). Alternately quantity supplied falls as price falls, other things constant (Colander, 2004). Expanding the definition of the law of supply, as the price of a good or service raises so does the supply. These two laws of economics represent the invisible hand of the free market (Colander, 2004). The invisible hand is in perpetual motion constantly seeking to reach an equilibrium where the demand equals the supply and the optimum price is achieved. The term used in b......

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