The amount of a good and service that producers are willing and able to sell at a given price
Law of supply
When price goes up, the quantity supplied also goes up
Diminishing marginal returns
As the quantity increases, production gets more expensive for producers and they make more money. To compensate they will only supply higher quantities at higher prices to ensure that they can at least break even
Prices go up
Businesses want to sell more
The supply curve slopes upwards because businesses wish to profit off higher prices
