how does this summary In economics, supply and demand curves determine resource allocation and price setting in open markets. These curves depict the interaction between producers and customers that determines the price and quantity of items traded. We will describe supply, demand, and market equilibrium in basic terms. Understanding these key concepts will help the reader understand how the price mechanism works in open markets. Supply and demand curves are essential ideas in economics that are used to understand how consumers and producers behave in a commodities market. These concepts help consumers, producers, and governments make educated decisions. relate to understanding the supply and demand model and how markets allocate resources