Introduction to economics; Supply Flashcards
What is supply in economics?
In economics, supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual. Supply can be in produced goods, labour time, raw materials, or any other scarce or valuable object
What is quantity supplied?
In economics, quantity supplied describes the number of goods or services that suppliers will produce and sell at a given market price. The quantity supplied differs from the actual amount of supply (i.e., the total supply) as price changes influence how much supply producers actually put on the market.
What is the difference between demand and quantity supplied?
Demand is the willingness and paying capacity of a buyer at a specific price. On the other hand, Supply is the quantity offered by the producers to its customers at a specific price. While the demand curve is downward to the right, the supply curve is upward to the right.
What factors influence quantity supplied?
The quantity supplied can be influenced by many factors, including the elasticity of supply and demand, government regulation, and changes in input costs.
What are the 7 factors that affect supply?
Factors affecting supply include price of goods, price of related goods, production conditions, future expectations, input costs, number of suppliers, and government policy.
