University:
Indiana University South Bend
Course:
BUS-A 201 | Introduction to Financial Accounting
Academic year:

2023
Views:

10

Pages:

1
Author:

Rose G

INTRODUCTION TO SUPPLY (A)SUPPLYSupply is that part of the stock which is actuallybrought into the market for sale at a particular timeand place.According to ProfessorRESOURCESPaul A. Samuelson,"NATURALHUMANARTIFICIAL'Supply refers to therelation between the(Land)(Labour)(Capital)market prices and theamount of goods thatENTREPRENEURproducers are willing(along with other factors ofto supplyproduction).(PRODUCTION)Supply refers to the[1000 kg ] OUTPUT(LESS DRAWINGS)quantity of a commoditythat a seller (firm) is[700kg I STOCK (Ability to sell).willing and able to offerfor sale at a particular[300 kg ] SUPPLY Willingness to sell).(Ability Esprice, during a certainperiod of time.[100 kg] SALESupply is a relative termPROFITIt is always expressedin relation to price and time. A statement of supplywithout reference to price and time conveys noeconomic sense.SUPPLY SCHEDULESUPPLY CURVEYPrice in ₹Quantity Supplied5P(per unit)perweek (inkg).R4I100e3220023300Is440050500100 200 300 400 500 QUANTITYSUPPLIED

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