Demand is the relationship between various prices that are charged, and consumers' ability and willingness to buy goods at these prices. Supply is the relationship between these prices, and how much firms can supply.
Elasticities of demand and supply are measures of how much the quantity demanded or supplied changes when prices change.
Demand responds to the prices of substitutes (alternatives, eg The Times and The Telegraph, clothes at Primark and at TKMax)and complements (we buy these together, eg shampoo/conditioner, left shoes and right shoes, printer and printer ink).
Here is a series of videos by one of my favourite economists, Richard Mckenzie, explaining demand, supply, equilibrium, and elasticities.
Had Richard Mckenzie been an Ellen Wilkinson student, he would no doubt have won the Cope Prize. He was brought up in an orphanage and has made the most of his teachers and carers. See this link to his upbringing.
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