3. Adam Smith
Adam Smith, considered the "father" of modern economics defined the terms supply and demand to describe the dynamics between buyers, sellers, and prices. He believed in "laissez-faire" economics, which means that businesses should be allowed to conduct trade with as little government intervention as possible. This includes the freedom to sell their goods at whatever price they want. A supplier will always look to obtain the greatest profit, and in order to do so they will try to sell a product at the highest price. Consumers, on the other hand, will always want to buy a product for the lowest price. They law of supply and demand states that the higher the price of a product, the lower the demand (or willingness of consumer to purchase said product), and vice versa.