What is definition of supply?
Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.
Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph..
What is the best definition of supply?
Supply is the willingness and ability of producers to create goods and services to take them to market. Supply is positively related to price given that at higher prices there is an incentive to supply more as higher prices may generate increased revenue and profits.
What is supply in your own words?
Supply refers to the amount of goods that are available. Demand refers to how many people want those goods. … The amount of goods being supplied is the same as the amount demanded and resources are allocated efficiently.
What are the 6 factors of supply?
Supply shifters include (1) prices of factors of production, (2) returns from alternative activities, (3) technology, (4) seller expectations, (5) natural events, and (6) the number of sellers. When these other variables change, the all-other-things-unchanged conditions behind the original supply curve no longer hold.
What are the types of supply?
There are five types of supply:Market Supply: Market supply is also called very short period supply. … Short-term Supply: ADVERTISEMENTS: … Long-term Supply: … Joint Supply: … Composite Supply:
What are factors of supply?
Supply refers to the quantity of a good that the producer plans to sell in the market. Supply will be determined by factors such as price, the number of suppliers, the state of technology, government subsidies, weather conditions and the availability of workers to produce the good.