Supply · 1 min read

Definition of Supply

Supply is how much of a product a business person is ready to bring out for people to buy at a certain price and at a certain time.

This means that a seller must have the goods available and must be ready to sell them at the market price right now.

Supply is the amount of goods that a seller wants to sell and is ready to sell at a specific price during a specific time.

The supply of a commodity is the quantity of that commodity which a producer is willing and able to sell at a given price over a given period of time.

It is not just the total goods in the warehouse, but the ones the seller is actually ready to put in the market for people to buy.

Key points

•Supply refers to the quantity of a commodity.
•A producer must be willing and able to offer the commodity for sale.
•Supply is always considered at a specific price.
•Supply is also considered over a particular period of time.