Supply curve

The Supply Curve is a visual representation of the total amount of some good or service in an economy often used by economists. The supply curve is a line that slopes upward toward the right.[1]

The dismal science
Economics
Economic Systems

  $  Market Economy
  €  Mixed Economy
  ☭ Socialist Economy

Major Concepts
People
v - t - e

Supply

Supply is generally meant as the supply curve. The curve represents the relationship between prices and the amount of a good or service producers will offer for said prices.[2] As prices go up, producers offer more supply to capitalize on the potential revenues. The point where the supply and demand curves intersect(equilibrium) is where the price of something is determined. Some representations show the long run aggregate supply(LRAS) curve as a perfectly vertical curve that slowly shifts rightward, representing economic growth.

Quantity Supplied

The quantity supplied of something refers to how much of an actual good or service is available at a point on the curve. If demand curve for sugar beets falls, the total supply curve may stay the same but the actual quantity supplied will change.[3]

See Also
gollark: Server mainboards are overly expensive compared to consumer-grade ones.]
gollark: Well, out of band remote management, SSH works fine still.
gollark: You'll lose stuff like remote management/IPMI, but it's very cost-effective.
gollark: You can get 10TB external hard drives (which you can pull 3.5" SATA hard drives from) for less than £200 these days, which is neat.
gollark: In my experience VPSes don't really offer reasonably priced high-capacity HDD storage.

References
  1. "Law of supply". Khan Academy. Retrieved 2020-01-26.
  2. "Supply curve | economics". Encyclopedia Britannica. Retrieved 2020-01-26.
  3. Kenton, Will. "Tracing the Supply Curve". Investopedia.
This article is issued from Rationalwiki. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.