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Class notes Economic Business Studies- (Poonam Gandhi)-2021-22 Class 11 CBSE, ISBN: 9789389975208
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Supply, Concept of supply
Supply of a commodity refers to various quantities of a commodity that the producers are willing to sell
at different possible prices of the commodity at a point of time.
Features of supply
(i) Supply is a Desired Quantity: It indicates only the willingness i.e how much the film is willing to sell and
not how much it actually sells.
(ii) Supply of a Commodity does not comprise the entire stock of the commodity: It indicates the quantity
that the firm is willing
to bring into the market at a particular time.
(iii) Supply is always expressed with reference to Price: Just like demand, supply of a commodity is always
at a price because with a change in price, the
Quantity supplied may also change.
(iv) Supply is always with respect to a period of time: Supply is the quantity, which the time firm is willing to
supply during a specific period of time, a day, a week,
a month or a year.
, Supply and Stock
Stock refers to total quantity of a particular commodity that is available with the firm of a commodity that
is available with the firm at a particular point of time. On the other hand, supply is that part of stock which
a producer is willing to bring in the market for sale.
Supply and quantity supplied
Supply refers to various quantities of a commodity which a producer (or a firm is ready to sell) at different
possible prices of that commodity at a point of time.
Quantity supplied refers to a specific quantity which a producer is ready to sell at a specific price of the
commodity.
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