Definition of Supply, Supply Meaning - The Economic Times. The fundamental economic concept that states the total amount of a specified product or service that is available to customers is known as ‘supply.’. It is very closely related to and goes hand in hand with demand.
The meaning of SUPPLY is the quantity or amount (as of a commodity) needed or available. How to use supply in a sentence.
Supply, in economic terms, refers to the total quantity of a product or service that is available for purchase, influenced by production capabilities and market conditions.
Supply can be in produced goods, labour time, raw materials, or any other scarce or valuable object. Supply is often plotted graphically as a supply curve, with the price per unit on the vertical axis and quantity supplied as a function of price on the horizontal axis.
When economists talk about supply, they mean the amount of some good or service a producer is willing to supply at each price. Price is what the producer receives for selling one unit of a good or service.
Supply in economics refers to the number of units of goods or services a supplier is willing and able to bring to the market for a specific price. The law of supply explains the reaction of the supplier when the prices in the market change.
Electrical power is supplied by underground cables. supply something to someone Three people have been arrested for supplying arms to the terrorists. The company has supplied the royal family (= provided them with something they need) for years.
Nearly all supply curves, however, share a basic similarity: they slope up from left to right and illustrate the law of supply: as the price rises, say, from $1.00 per gallon to $2.20 per gallon, the quantity supplied increases from 500 gallons to 720 gallons. Conversely, as the price falls, the quantity supplied decreases.