Theory of Supply
ICSE · Class 10 · Economics
Flashcards for Theory of Supply — ICSE Class 10 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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Answer
Supply refers to the quantity of a commodity that producers are willing and able to offer for sale at a particular price during a specific period of time. It has three essential features: (1) Desired …
What is the difference between Supply and Stock?
Answer
Supply: Part of stock offered for sale at a given price and time; varies with price changes; flow concept (relates to a period); depends on stock and price. Stock: Total quantity available for sale at…
What are the three types of supply based on time period?
Answer
(1) Market Period Supply: Current supply in market; too short to adjust supply even if price increases (2) Short Period Supply: Time insufficient for major changes; only variable factors like labor, r…
Explain Individual Supply and Market Supply with an example.
Answer
Individual Supply: Quantity a single producer/firm offers at a particular price. Market Supply: Sum of all individual supplies in the market. Example: At ₹30 per kg sugar price - Firm A supplies 200 q…
What is Joint Supply? Give two examples.
Answer
Joint Supply occurs when two or more products are produced together in a single production process. Examples: (1) Sheep provides milk, meat, and wool simultaneously (2) Wheat production also produces …
What is Composite Supply? Give an example.
Answer
Composite Supply refers to a product that can be supplied from multiple sources. There's competition between different sources, with the most economical dominating the market. Example: Electricity can…
List the main factors affecting supply of a commodity.
Answer
(1) Price of the commodity (2) Price of other commodities (3) Goals of firms (4) Prices of factors of production (5) State of technology (6) Number of producers (7) Future price expectations (8) Taxes…
How does improvement in technology affect supply? Give an example.
Answer
Improvement in technology reduces production costs, leading to increased supply. Advanced technology makes production more efficient and cheaper. Example: Introduction of robots in car manufacturing h…
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