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- DictionarySup·ply/səˈplī/
verb
- 1. make (something needed or wanted) available to someone; provide: "the farm supplies apples to cider makers"
noun
- 1. a stock of a resource from which a person or place can be provided with the necessary amount of that resource: "there were fears that the drought would limit the exhibition's water supply"
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Learn the various meanings and uses of the word supply as a noun and a verb, with synonyms, examples, and word history. See also related phrases and entries near supply.
- What Is Supply?
- Understanding Supply
- History of Supply
- Calculating Supply
- Related Terms and Concepts
- Suppy Elasticity
- Supply Curve
- Law of Supply and Demand
- Factors That Affect Supply
- Types of Supply
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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 demandfor a good or service at a specific price; al...
The concept of supply in economics is complex with many mathematical formulas, practical applications, and contributing factors. While supply can refer to anything in demand that is sold in a competitive marketplace, supply is most used to refer to goods, services, or labor. One of the most important factors that affect supply is the good’s price. ...
Supply and demand in modern economics has been historically attributed to John Locke in an early iteration, as well as definitively used by Adam Smith’swell-known “An Inquiry into the Nature and Causes of the Wealth of Nations,” published in 1776. The graphical representation of supply curve data was first used in the 1800s, and then popularized in...
The algebraic formula for supply represents the supply of an item at any given price is: Qs=x+yPwhere:Qs=Units suppliedx=Quantity of unitsy=Level of activity in the marketP=Price of each unit\begin{aligned}&Qs=x+yP\\&\textbf{where:}\\&Qs=\text{Units supplied}\\&x=\text{Quantity of units}\\&y=\text{Level of activity in the market}\\&P=\text{Price of...
The concept of supply is engrained in many economic concepts. Below are several associated terms or functions of economics that interact with supply.
Price elasticitymeasures how the quantity of goods available will respond to a change in the unit's price. An elastic supply means that a small change in market prices will result in a relatively large change in the availability of that good from suppliers. An inelastic supply refers to goods whose supply does not change significantly in response t...
Below is a visual depiction of supply; as price (y-axis) increases, more market participants are willing to supply the product as this increases profit margin and profitability. The slope of the supply curve may be steeper for items with less price sensitivity or more gradual for items more sensitive to price changes.
The concept of supply is a cornerstone is the economic pillar of the law of supply and demand. Consider how consumers want to buy products for as low as possible, while manufacturers/retailers want to sell products for as high as possible. The point at which supply and demand meet is what sets the market price. The relationship between supply and d...
As a consumer considers whether or not to increase production, there are a number of items it must keep in mind. Alternatively, there are considerations from the buyer and external, independent parties that also dictate levels of supply. Factors that affect supply include: 1. Consumer Demand. As more customers demand a good, companies will focus on...
Short-Term Supply
Short-term supply is the inventory immediately available for consumption. When short-term supply has been exhausted, consumers must wait for additional manufacturing or production for more goods to become available. Short-term supply is the maximum amount consumers can immediately purchase.
Long-Term Supply
Long-term supply considers consumer demand, material availability, capital investment, and macroeconomic conditions. These factors all dictate how a company should shift manufacturing to meet long-term demand. Though long-term supply may only be able to grow gradually over time, suppliers have greater control over increasing or decreasing long-term supply by enacting operational strategies.
Joint Supply
Joint supplyoccurs when the manufacturing of one good will result in the byproduct of another good. Regardless of the demand for the byproduct good, it may be manufactured and supplied simply in response for demand of the other product. For example, the production of crude petroleum results in gasoline, fuel oil, kerosene, and asphalt. The supply of one item may increase simply due to greater demand of other items.
Supply is the amount of a good or service that producers are willing to offer to consumers at a specific price. Learn how supply is affected by demand, cost, preferences, and government policy, and how to graph and measure supply using the supply curve and elasticity.
- Will Kenton
Supply definition: to furnish or provide (a person, establishment, place, etc.) with what is lacking or requisite. See examples of SUPPLY used in a sentence.
Learn the meaning of supply as a verb and a noun, with synonyms, antonyms, idioms and business terms. Find out how to use supply in different contexts and sentences with examples from the Cambridge Dictionary.
To supply the definition of a word is to provide that definition. That's supply used as a verb. If you're talking about the noun, however, then the supply is the thing itself. People who think the world is coming to an end generally like to keep a supply of fresh water on hand.
Learn the meaning of supply as a verb and a noun, with synonyms, antonyms and related words. See how supply is used in different contexts, such as business, economy, environment and idiom.
In this lesson summary review and remind yourself of the key terms, graphs, and calculations used in the analysis of supply. Topics include the distinction between supply and quantity supplied, the law of supply, and the determinants of supply.
