theory of supply and demand
E143175
The theory of supply and demand is a fundamental economic model explaining how prices and quantities of goods and services are determined by the interaction between buyers’ willingness to pay and sellers’ willingness to produce.
All labels observed (2)
| Label | Occurrences |
|---|---|
| Supply and Demand | 1 |
| theory of supply and demand canonical | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T1259079 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: theory of supply and demand Context triple: [Alfred Marshall, knownFor, theory of supply and demand]
-
A.
classical economics
Classical economics is a school of economic thought, originating in the late 18th century, that emphasizes free markets, competition, and the idea that self-interested behavior can lead to socially beneficial outcomes.
-
B.
neoclassical economics
Neoclassical economics is a dominant school of economic thought that explains prices, output, and income distribution primarily through marginal analysis, individual rational choice, and market equilibrium.
-
C.
Economics: A Very Short Introduction
"Economics: A Very Short Introduction" is a concise introductory book that explains the core principles, methods, and real-world applications of economics for a general audience.
-
D.
IS-LM model
The IS-LM model is a macroeconomic framework that depicts the interaction between the goods market and the money market to determine equilibrium output and interest rates.
-
E.
welfare economics
Welfare economics is a branch of economics that evaluates how the allocation of resources affects social well-being, often using ethical and efficiency criteria to assess and guide public policy.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: theory of supply and demand Target entity description: The theory of supply and demand is a fundamental economic model explaining how prices and quantities of goods and services are determined by the interaction between buyers’ willingness to pay and sellers’ willingness to produce.
-
A.
classical economics
Classical economics is a school of economic thought, originating in the late 18th century, that emphasizes free markets, competition, and the idea that self-interested behavior can lead to socially beneficial outcomes.
-
B.
neoclassical economics
Neoclassical economics is a dominant school of economic thought that explains prices, output, and income distribution primarily through marginal analysis, individual rational choice, and market equilibrium.
-
C.
Economics: A Very Short Introduction
"Economics: A Very Short Introduction" is a concise introductory book that explains the core principles, methods, and real-world applications of economics for a general audience.
-
D.
IS-LM model
The IS-LM model is a macroeconomic framework that depicts the interaction between the goods market and the money market to determine equilibrium output and interest rates.
-
E.
welfare economics
Welfare economics is a branch of economics that evaluates how the allocation of resources affects social well-being, often using ethical and efficiency criteria to assess and guide public policy.
- F. None of above. chosen
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
economic theory
ⓘ
microeconomic model ⓘ price determination model ⓘ |
| appliesTo |
financial markets
ⓘ
goods markets ⓘ labor markets ⓘ services markets ⓘ |
| assumes |
ceteris paribus conditions
ⓘ
competitive markets ⓘ many buyers and sellers ⓘ price-taking behavior ⓘ rational agents ⓘ |
| describes |
determination of market prices
ⓘ
determination of quantities traded ⓘ interaction of buyers and sellers ⓘ |
| explains |
effects of price ceilings
ⓘ
effects of price floors ⓘ effects of subsidies on prices and quantities ⓘ effects of taxes on prices and quantities ⓘ how consumer preferences affect demand ⓘ how prices adjust to clear markets ⓘ how production costs affect supply ⓘ how scarcity affects prices ⓘ |
| field |
economics
ⓘ
microeconomics ⓘ |
| hasComponent |
demand curve
ⓘ
supply curve ⓘ |
| hasKeyConcept |
comparative statics
ⓘ
equilibrium price ⓘ equilibrium quantity ⓘ law of demand ⓘ law of supply ⓘ market equilibrium ⓘ market shortage ⓘ market surplus ⓘ movement along a curve ⓘ price mechanism ⓘ quantity demanded ⓘ quantity supplied ⓘ shifts of demand ⓘ shifts of supply ⓘ |
| relatedTo |
consumer theory
ⓘ
general equilibrium theory ⓘ partial equilibrium analysis ⓘ producer theory ⓘ |
| usedIn |
business decision-making
ⓘ
market forecasting ⓘ policy analysis ⓘ welfare analysis ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: theory of supply and demand Description of subject: The theory of supply and demand is a fundamental economic model explaining how prices and quantities of goods and services are determined by the interaction between buyers’ willingness to pay and sellers’ willingness to produce.
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.
linked to: theory of supply and demand