Theory of Supply — Flashcards
ICSE · Class 10 · Economics
46 flashcards for Theory of Supply (ICSE Class 10 Economics) to test yourself on key terms and facts. Sample: "What is supply in economics?"
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See them allWhat is supply in economics?
Answer
Supply is the quantity offered for sale at a particular price and time by the producer. It is a flow concept, so it is related to a specific time period. Supply is a desired quantity, meaning it shows…
State the definitions of supply given by Prof. Meyers, Prof. Benham, and Anatol Murad.
Answer
Prof. Meyers: "We may define supply as a schedule of the amount of a good that would be offered for sale at all possible prices at any one instant of a time or during any period of time, for example, …
Why is supply called a flow variable?
Answer
Supply is called a flow variable because it is related to a period of time, such as per day, per week, per month, or per year. It does not describe only a momentary amount; it describes how much is of…
What is the difference between supply and quantity supplied?
Answer
Supply is the whole schedule showing quantities offered at various prices. Quantity supplied is the amount offered at one particular price. Supply is a broader concept, while quantity supplied is a sp…
What is stock? How is it different from supply?
Answer
Stock is the total quantity of a commodity that can be brought into the market for sale at a short notice. Supply is the quantity the seller is ready to sell at a given price and time. Stock is relate…
Why is supply generally less than stock?
Answer
Supply is usually only a part of stock because sellers do not normally offer the entire available quantity at one time and one price. The only exception is perishable goods, where stock and supply may…
What is market period supply?
Answer
Market period supply refers to the current supply of a commodity in the market. The time period is too short to adjust supply, so supply cannot be changed at all even if price changes.
What are short period supply and long period supply?
Answer
Short period supply is supply during a time period that is too short to make major changes in supply. Only variable factors can be adjusted. Long period supply is supply during a long enough time for …
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