Alfred Marshall

Alfred Marshall was a British economist, known for his influential work in the late 19th and early 20th centuries. He introduced important concepts such as "supply and demand," which help explain how markets operate. His book, "Principles of Economics," established the foundations of microeconomics, detailing how individual consumers and firms make decisions. Marshall also contributed the idea of "elasticity," which measures how demand for products changes with price fluctuations. His work laid the groundwork for modern economic theory and emphasized the importance of equilibrium in markets, shaping how we understand economic principles today.