This report discusses the law of demand and supply in microeconomics, including the influencing factors and curves for demand and supply. It also provides insights into contemporary economic theories such as Neoclassical and New Classical economics. The report compares the revelations of the 21st century with those of the 20th century and relates the data of both centuries to present-day practices. The report is relevant for students studying microeconomics, particularly those taking the BM533 Contemporary Economic Analysis course.