Simulations of Supply and Demand Forecasting in A Market Economy
The article deals with the current topic of modernity – simulating supply and demand forecasting.
The instability of a complex socio-psychological system, such as consumers, which is virtually
impossible to completely study and understand, increases in the context of a market economy. Making
adequate decisions requires a deep, comprehensive assessment of the situation and a reliable
forecast of the course of events. A firm that has managed to correctly predict the situation receives an
additional profit compared to the one that refrained from forecasting. A firm that made the wrong
forecast loses the most. The purpose of this work is to characterize the essence of models and
methods that can be used to assess supply and demand. Many methods can be used to estimate supply
and demand however the most powerful and versatile is using econometric models. In this article, the
authors consider the main types of supply and demand models, the factors that affect them in the
course of decision-making, as well as the preferences of service consumers. The approaches used in
the work were the cognition method, retrospective and documentary analysis, as well as synthesis,
generalization, and systematization.
Author's Name: rina Anatolievna Kiseleva, Vladimir Ivanovich Kuznetsov, Natalia Alekseevna Sadovnikova and Irina Sergeevna Androshina