If you supply someone with something that they want or need, you give them a quantity of it . A supply of something is an amount of it which someone has or which is available for them to use. The brain requires a constant supply of oxygen.
What is this word supply?
The word supply is used as a verb to mean to provide something . As a noun, supply refers to a stockpile or quantity of something. ... As a verb, supply means to give something.
What is an example of supply?
The noun means an amount or stock of something that is available for use. That stock has been supplied . A mother, for example, may take a large supply of diapers (UK: nappies) with her when she goes on vacation with her baby. This means a large amount that is available for use.
What is supply in own words?
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 does it mean to make a 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 the best example of the law of supply?
The law of supply summarizes the effect price changes have on producer behavior. For example, a business will make more video game systems if the price of those systems increases . The opposite is true if the price of video game systems decreases.
What is supply and demand in simple terms?
supply and demand, in economics, relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy . ... In equilibrium the quantity of a good supplied by producers equals the quantity demanded by consumers.
What are the types of supply?
Market supply, short-term supply, long-term supply, joint supply, and composite supply are five types of supply.
What's the difference between supplies and supply?
You can use supplies to refer to food, equipment , and other essential things that people need, especially when these are provided in large quantities. ... A supply of something is an amount of it which someone has or which is available for them to use.
What is the noun of supply?
supply . (uncountable) The act of supplying. (countable) An amount of something supplied. (plural) provisions. (plural) An amount of money provided, as by Parliament or Congress, to meet the annual national expenditures.
What is supply with diagram?
The supply curve is a graphic representation of the correlation between the cost of a good or service and the quantity supplied for a given period . In a typical illustration, the price will appear on the left vertical axis, while the quantity supplied will appear on the horizontal axis.
What is effective supply?
The amount of labor they choose to supply, contingent on the constraint on the amount of goods they can buy, is the effective supply of labor. Another example involves spillovers from credit markets to the goods market. ... Firms can also exhibit effective demands or supplies that differ from notional demands or supplies.
How is supply determined?
Determinants of Supply. Supply levels are determined by price , which increases or decreases supply along the price curve, and non-price factors, which shifts the entire curve.
When supply and demand are balanced it is called?
Equilibrium is the state in which market supply and demand balance each other, and as a result prices become stable. ... The balancing effect of supply and demand results in a state of equilibrium.
Why is supply and demand important?
Supply and Demand Determine the Price of Goods and Quantities Produced and Consumed. ... But if supply decreases, prices may increase. Supply and demand have an important relationship because together they determine the prices and quantities of most goods and services available in a given market .
What is the point called where the demand and supply intersect?
Supply and demand curves intersect at the equilibrium price . This is the price at which we would predict the market will operate.
