Supply — Chapter Summary
NIOS · Class 10 · Economics
Summary of Supply for NIOS Class 10 Economics. Key concepts: Supply is the quantity of, Stock is the total quantity and Individual supply is.
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Overview
Supply is the quantity of a commodity that a seller offers for sale at a given price at a given time. It is linked with production, stock, price, and time period. The chapter explains how supply differs from availability, how stock differs from supply, what affects the supply of an individual firm,
Key Concepts
Supply is the quantity of
Supply is the quantity of a commodity that a seller offers for sale at a given price at a given time. It always includes quantity, price, and time per
Stock is the total quantity available
Stock is the total quantity available with a seller or firm at a particular point of time. Supply is that part of stock that the seller is ready to se
Individual supply is the supply
Individual supply is the supply of a commodity by one firm or seller. It is shown through an individual supply schedule, which lists different quantit
The main factors are price
The main factors are price of the commodity, technology of production, price of inputs, price of other related goods, objective of the firm, and gover
All other factors determining supply remaining
All other factors determining supply remaining constant, the price of a commodity and its quantity supplied are directly related. Higher price leads t
Learning Objectives
- Understand the meaning of supply and the three elements in its definition
- Distinguish between stock and supply
- Identify the factors affecting individual supply
- Explain the law of supply and its direct relation between price and quantity supplied
- Describe the supply curve and its upward slope
Frequently Asked Questions
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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