ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Supply in economics is defined as the total amount of a given product or service a supplier offers to consumers at a given period and a given price level. It is usually determined by market movement.

Detailed explanation-2: -In economics, quantity supplied describes the number of goods or services that suppliers will produce and sell at a given market price. The quantity supplied differs from the actual amount of supply (i.e., the total supply) as price changes influence how much supply producers actually put on the market.

Detailed explanation-3: -There are five types of supply-market supply, short-term supply, long-term supply, joint supply, and composite supply.

Detailed explanation-4: -i. Price: ii. Cost of Production: iii. Natural Conditions: iv. Technology: v. Transport Conditions: vi. Factor Prices and their Availability: vii. Government’s Policies: viii. Prices of Related Goods: