Question Details

	Username: LuckyMan Rating: Asked to: Jun Wang Date Created: 21 Dec 2015
Category	46
Tag	Financial
Question	Please give the definition of the term "supply".

Advice from Guru

Hi LuckyMan,

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. This relates closely to the demand for a good or service at a specific price; all else being equal, the supply provided by producers will rise if the price rises because all firms look to maximize profits.

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