Economy | Wirtschaft

 

In German two expressions could be used for the term "economy". However, there is barely any difference between "die Ökonomie" and "die Wirtschaft" as both of them refer to "the economy" in general so these two expressions are usually used interchangeably.

The demand (die Nachfrage) is a basic economic principle which implicates a consumer's desire to purchase (kaufen) goods (die Waren) and services (die Dienstleistungen) and his willingness to pay (bezahlen) a price (der Preis) for a specific good or service.

The supply (das Angebot) is a basic economic concept that describes the total amount (die Menge) of a specific good (das Gut) or service (die Dienstleistung) that is available to consumers (die Kunden).

The law of supply (das Angebot) and demand (die Nachfrage):

as price (der Preis) increases (steigt) people (die Menschen) are willing to supply (versorgen) more (mehr) and demand (verlangen) less (weniger) and vice versa (umgekehrt) when the price falls (der Preis steigt).

Below you can find a video that explains the dynamics of supply (das Angebot) and demand (die Nachfrage) in German:

Sources:
https://wirtschaftslexikon.gabler.de/definition/wirtschaft-54080
https://www.investopedia.com/terms/d/demand.asp
https://www.investopedia.com/terms/s/supply.asp
https://www.investopedia.com/terms/l/law-of-supply-demand.asp