Describe the equilibrium point in the market

The equilibrium is defined as the point at which demand and supply are equal and there is no tendency to change, hence there is stability within the market.
Firstly it is vital to understand both demand and supply as well as the interaction between them both. Demand can be defined the the amount a consumer is willing and able to buy at a given price in a give time period. Similarly, supply is the amount a supplier is willing and able to supply at a given price in a give time period. Due to the varying intentions of both consumers, who are assumed to want to fulfill their own self-interest, and suppliers, whom are said to be profit maximisers, there is a resulting inverse relationship between them both. This is reflected in the classical economics diagram with the supply curve being upward sloping, as per the law of demand that suppliers supply more at a higher price, and the demand curve being downward sloping, to reflect the law of demand that states consumers want to purchase a good or service at its lowest possible price.