Concept of supply and demand; of antitrust laws and of labor unions Essay

Concept of supply and demand; of antitrust laws and of labor unions - Essay Example This research will begin with the presentation of the concept of supply and demand. It has become one of the most important concepts in modern day economics. Indeed this concept can be summed up as the one in which, the producer of a commodity has a certain quantity for sale in the market and that quantity which consumers are ready to buy. As a result of this, the demand for a particular commodity depends on a number of factors like the commodity price, related commodity prices and also consumers buying power and choices. The supply of a particular commodity depends on a number of factors like the cost incurred in the production of that particular commodity, the price of related kinds of products and many other factors. The concept of supply and demand is always existent and the market’s main aim is to bring a form of stability and equilibrium between the demand as well as supply through the pricing of commodities. Antitrust Laws are special type of laws that have been created by the American government in order to prevent the formation of monopolies, which could otherwise result in unhealthy market competition. Thus these are a set of Federal laws which can be applied in case of both businesses as well as individuals. The first Antitrust law in America was created in the year 1890. Thus this law ensures that, all the individuals and the various business establishments are given a fair deal, hen it comes to market competition and that no single company or individual gains an upper hand in business dealings unlawfully.