supply
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It is the quantity of goods and/or services that a producer is willing to sell in a market at a certain price.
“Supply” is a market force that represents the quantity of goods or services that individuals, companies or organizations want and can sell in the market at a certain price.
It represents the combinations of products, services, information or experience that is offered in a market to satisfy a need or a desire in a certain period of time. When we talk about supply it does not only refer to physical products, it also includes services or activities.
Labor supply is the amount of people willing and able to work within a given market.
Supply depends on the existence of the following factors:
- The sellers’ presence: it refers to the existence of individuals, companies or organizations that have a good or service for sale.
- The quantity of a product: it is the number of units of a product and/or service that sellers are willing to sell at a certain price.
- The willingness to sell: it refers to all the sellers who “want” to sell at a certain price and period of time.
- The ability to sell: it refers to the amount of products and/or services that sellers “are able to” provide to the market, at a certain price and period of time.
- The selling point: it refers to a certain place, it may be physical (as a supermarket) or virtual (as a virtual store in the internet), in which products or services may be sold.
- The certain price: it is the expression of the value expressed, in general, in monetary terms of the goods and services that suppliers sell.
- The certain period of time: it refers to the established cycle (years, months, weeks or days) in which the product or service will be available for sale, at a certain price.
Determiners of the Quantity Supplied.
- The price of the good.
- Prices of the factors of production.
- The goals of the producer companies.
- Technology.
- Price of the related goods.
- The expectations about the prices. The Law of supply and Demand indicates that the offer is directly proportional to the price; the higher the price of the product, more unities will be offered. Shifts of the Curve of supply A shift in the curve of supply means that for the same level of prices as before, different quantities of that product will now be offered. Any variation in the other variables, aside from price, which affect the good’s supply, will displace the supply curve of that good.
Labor supply is the amount of people willing and able to work within a given market.
Supply depends on the existence of the following factors:
- The sellers’ presence: it refers to the existence of individuals, companies or organizations that have a good or service for sale.
- The quantity of a product: it is the number of units of a product and/or service that sellers are willing to sell at a certain price.
- The willingness to sell: it refers to all the sellers who “want” to sell at a certain price and period of time.
- The ability to sell: it refers to the amount of products and/or services that sellers “are able to” provide to the market, at a certain price and period of time.
- The selling point: it refers to a certain place, it may be physical (as a supermarket) or virtual (as a virtual store in the internet), in which products or services may be sold.
- The certain price: it is the expression of the value expressed, in general, in monetary terms of the goods and services that suppliers sell.
- The certain period of time: it refers to the established cycle (years, months, weeks or days) in which the product or service will be available for sale, at a certain price.
Determiners of the Quantity Supplied.
- The price of the good.
- Prices of the factors of production.
- The goals of the producer companies.
- Technology.
- Price of the related goods.
- The expectations about the prices. The Law of supply and Demand indicates that the offer is directly proportional to the price; the higher the price of the product, more unities will be offered. Shifts of the Curve of supply A shift in the curve of supply means that for the same level of prices as before, different quantities of that product will now be offered. Any variation in the other variables, aside from price, which affect the good’s supply, will displace the supply curve of that good.
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