In Economics, there really is no more basic principle than the law of Supply & Demand; in fact, it could be argued that that's all economics really is, the study of the relationship between what we have versus what there is.
The Law Of Supply & Demand
While there are many complex formulas involved, the Schoolhouse Rock version goes like this:
The more of something there is, the less valuable it is.
The more people want something, the more valuable it is.
This is the basic idea of supply & demand.
Supply: An Explanation:
The availability of goods / services / items in an economy or sector of the economy.
Demand: An Explanation
Demand is the measure of how much of a certain item is wanted. There are lots of things that can cause demand to increase or decrease, for instance: lots of people want heavy jackets when it's cold, this is an example of an increase in demand.
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Source: Owlcation