Supply

• Competitive supply is where goods are alternative products a firm could make with its resources like a farmer can plant potatoes OR carrots
• Excess supply is when supply is greater than demand and there are unsold goods in the market
• Law of supply is that there is a positive relationship between the price of a good and supply. as prices rise there is an expansion of supply and if there is a fall there is a contraction of supply
• Market sup[ply is the total amount of an item producers are willing and able to sell at different prices, over a given period of time
• Supply is quantity of a good or service that a producer is willing and able to supply onto the market at a given price in a given time period
• Supply chain is different stages of making,distributing and selling a good or service from the production of parts, through to distribution and sale of the product
• Supply curve is the relationship between market price and quantity supplied onto the market
• Elastic supply is where the coefficient of price elasticity of supply is greater than 1
• Elasticity of supply measures the relationship between change in quantity supplied and a change in market price
• inelastic supply is when the coefficient of price elasticity of supply is less than 1
• price elasticity of supply measures the relationship between change in quantity supplied and a change in price