Supply

Definition

Supply is the total amount of a product or service that is available for consumers to purchase at any given time. It reflects the willingness and ability of producers to offer goods and services for sale.

Related terms

Demand: The desire and ability of consumers to purchase goods and services at given prices.

Market Equilibrium: A situation where the quantity of goods supplied equals the quantity demanded at a certain price level.

Price Elasticity of Supply: Measures how much the quantity supplied of a good responds to a change in its price