Editing Supply and demand (section)

==Other markets==
The model of supply and demand also applies to various specialty markets.
The model is commonly applied to [[wage]]s in the market for [[labour (economics)|labor]]. The typical roles of supplier and demander are reversed. The suppliers are individuals, who try to sell their labor for the highest price. The demanders of labor are businesses, which try to buy the type of labor they need at the lowest price. The equilibrium price for a certain type of labor is the wage rate.<ref>{{cite web|last=Kibbe|first=Matthew B.|title=The Minimum Wage: Washington's Perennial Myth|publisher=[[Cato Institute]]|url=http://www.cato.org/pubs/pas/pa106.html|access-date=2007-02-09}}</ref> However, economist Steve Fleetwood revisited the empirical reality of supply and demand curves in labor markets and concluded that the evidence is "at best inconclusive and at worst casts doubt on their existence." For instance, he cites Kaufman and Hotchkiss (2006): "For adult men, nearly all studies find the labour supply curve to be negatively sloped or backward bending."<ref>{{cite journal|last1=Fleetwood|first1=Steve|title=Do labour supply and demand curves exist?|journal=Cambridge Journal of Economics|date=August 2014|volume=38|issue=5|pages=1087–113|doi=10.1093/cje/beu003|url=https://www.researchgate.net/publication/275418190}}</ref> Supply and demand can be used to explain [[Physician supply|physician shortage]]s,<ref name="h488">{{cite journal | last=Cole | first=A. | title=BMA meeting: Doctors vote to limit number of medical students | journal=BMJ | volume=337 | issue=jul09 1 | date=9 July 2008 | issn=0959-8138 | doi=10.1136/bmj.a748 | pages=a748}}</ref> [[nursing shortage]]s<ref name="Ariste_2019">{{Cite journal| doi = 10.1002/hpm.2772| issn = 1099-1751| volume = 34| issue = 4| pages = 1144–1154| last1 = Ariste| first1 = Ruolz| last2 = Béjaoui| first2 = Ali| last3 = Dauphin| first3 = Anyck| title = Critical analysis of nurses' labour market effectiveness in Canada: The hidden aspects of the shortage.| journal = The International Journal of Health Planning and Management | date = October 10, 2019| pmid = 30945352| s2cid = 92997538}}</ref> or [[Teacher retention|teacher shortage]]s.<ref name="y456">{{Cite report |url=https://eric.ed.gov/?id=ED606666 |title=A Coming Crisis in Teaching? Teacher Supply, Demand, and Shortages in the U.S. |last1=Sutcher |first1=Leib |last2=Darling-Hammond |first2=Linda |date=September 2016 |publisher=Learning Policy Institute |last3=Carver-Thomas |first3=Desiree |access-date=20 July 2024}}{{page needed|date=July 2024}}</ref>

In both [[Classical economics|classical]] and [[Keynesian economics|Keynesian]] economics, the [[money market]] is analyzed as a supply-and-demand system with [[Interest#Market interest rates|interest rates]] being the price. The [[money supply]] may be a vertical supply curve, if the [[central bank]] of a country chooses to use [[monetary policy]] to fix its value regardless of the interest rate; in this case the money supply is totally inelastic. On the other hand,<ref>Basij J. Moore, ''Horizontalists and Verticalists: The Macroeconomics of Credit Money'', Cambridge University Press, 1988</ref> the money supply curve is a horizontal line if the central bank is targeting a fixed interest rate and ignoring the value of the money supply; in this case the money supply curve is perfectly elastic. The demand for money intersects with the money supply to determine the interest rate.<ref name=RitterSilberUdell>{{cite book|last1 = Ritter|first1 = Lawrence S.|author-link1 = Lawrence S. Ritter|last2 = Silber|first2 = William L.|author-link2 = William L. Silber|last3 = Udell|first3 = Gregory F.|title = Principles of Money, Banking, and Financial Markets|edition = 10th|publisher = Addison-Wesley, Menlo Park C| year = 2000|isbn = 978-0-321-37557-5|pages=431–38, 465–76}}</ref>

According to some studies,<ref>Velev, Milen V. Entropy and free-energy based interpretation of the laws of supply and demand. SN Bus Econ 1, 1 (2021). https://doi.org/10.1007/s43546-020-00009-6</ref> the laws of supply and demand are applicable not only to the business relationships of people, but to the behaviour of social animals and to all living things that interact on the biological markets<ref>Noë, R., Hammerstein, P. Biological markets: supply and demand determine the effect of partner choice in cooperation, mutualism and mating. Behav Ecol Sociobiol 35, 1–11 (1994). https://doi.org/10.1007/BF00167053</ref> in scarce resource environments.

The model of supply and demand accurately describes the characteristic of metabolic systems: specifically, it explains how [[Regulatory enzyme|feedback inhibition]] allows metabolic pathways to respond to the demand for a metabolic intermediates while minimizing effects due to variation in the supply.<ref>{{cite journal
| last1      = Hofmeyr
| first1     = J.-H.S.
| last2      = Cornish-Bowden
| first2     = A.
| title      = Regulating the cellular economy of supply and demand.
| year       = 2000
| journal    = FEBS Lett.
| volume     = 476
| issue      = 1
| pages      = 47–51
| doi        = 10.1111/j.1432-1033.1991.tb21071.x
| pmid = 1879427
| doi-access= 
}}</ref>