Supply

Question 1

What is the definition of ‘Supply’?

Answer 1

The quantity of a god or service that a producer is both willing and able to provide at a range of given prices within a period of time.

Question 2

What is a ‘Supply Schedule’?

Answer 2

A table that sets out the quantity of a god or service that a producer is both willing and able to provide at a range of given prices within a period of time.

Question 3

What is a ‘Supply Curve’?

Answer 3

A graph that sets out the quantity of a god or service that a producer is both willing and able to provide at a range of given prices within a period of time.

Question 4

What is the definition of the ‘Law of Supply’?

Answer 4

As the price rises the quantity supplied will increase, or vice versa, assuming Ceterius Paribus.

Question 5

What does the term ‘willing and able’ mean in terms of ‘supply definition’?

Answer 5

Willing= The producer wants to produce the good or service.
Able= They have the means to produce the good them: Land, Labour, Capital and Entrepreneurship.