The laws of supply and demand are familiar, whether consciously or unconsciously, to anyone that has ever attempted to buy or sell something. So, basically, everyone that has ever lived.
At its simplest, and usually prefaced by the statement “all else being equal,” the price of a good tends to increase when its supply decreases or when the demand for that good increases, and the price of a good tends to decrease when its supply increases or when demand for that good decreases. It makes sense. When there is a lot of something and few people want it, it is cheap. When it’s rare and everyone wants one, you will pay a pretty penny. We can probably all think of an example of the later. If even for a brief time, a type of mania can surround some of these examples—Cabbage Patch Kids, Beanie Babies, Pokémon, Bitcoin.