Critical Study of Demand and Supply: An Islamic Economics Perspective

Abstract

Demand and supply are two words that are often used by economists, which are the basic concepts in an extensive economic activity so that both are the forces that make the market economy work. The concept of Islamic economics regarding demand and supply is almost the same as conventional economics, but there are restrictions from individuals to behave economically following sharia rules. In Islamic economics, Islamic norms and morals are the principles that underlie economic activity. The contribution of this paper is that researchers and practitioners would profit from the insights and concerns brought forth in this article, as it proposes concrete forms of empirically exploring demand and supply from an Islamic economic viewpoint in order to adapt to environmental sustainability activities.