ECONOMICS
SCARCITY
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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demand
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incentive
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profit
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supply
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Detailed explanation-1: -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. When supply exceeds demand for a product or service, the prices of said product fall.
Detailed explanation-2: -What Is Supply? 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.
Detailed explanation-3: -The quantity supplied is the amount of a good or service that is made available for sale at a given price point.
Detailed explanation-4: -Supply of goods and services Price is what the producer receives for selling one unit of a good or service. An increase in price almost always leads to an increase in the quantity supplied of that good or service, while a decrease in price will decrease the quantity supplied.
Detailed explanation-5: -The types of supply are: Market supply. Long term supply. Short term supply.