What economic principle explains the relationship between the quantity of a product available and the desire for that product?

The law of supply and demand is a fundamental economic principle that illustrates how the availability of a product (supply) interacts with consumers' desire for that product (demand) to determine its price and quantity in the market. When the quantity of a product available increases, and demand remains the same, typically the price decreases because consumers can choose from a larger selection at a lower cost. Conversely, if demand increases while supply remains constant, prices tend to rise due to competition among consumers for the limited product.

This principle is crucial in understanding market dynamics, pricing strategies, and how businesses can react to changes in consumer preferences or availability of resources. It provides insights on how to optimize production and inventory levels based on market signals driven by the balance of supply and demand.

The other concepts listed, such as intellectual property rights, investment strategy, and human resource allocation, do not directly relate to the relationship between product availability and consumer desire. Instead, they focus on different aspects of economic and business practices.