Supply
NIOS · Class 10 · Economics
Complete topic list for Supply in NIOS Class 10 Economics. Key concepts, sub-topics, and what to focus on for board exams.
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Meaning of Supply
- Supply is different from mere availability in the market.
- A commodity may be available, but that does not automatically mean it has been supplied.
- Supply includes three elements: quantity, price, and time period.
Stock and Supply
- Stock is the total quantity of a commodity available with a seller or firm at a particular point of time.
- Supply is that part of stock that the seller is ready to sell at some given price during a given time period.
- Stock is measured at a point of time, while supply is measured over a period of time.
Factors Affecting Individual Supply
- The six factors affecting individual supply are price of the commodity, technology of production, price of inputs, price of other related goods, objective of the firm, and government policy.
- Higher price of a commodity usually increases supply because revenue rises.
- Improved technology reduces cost of production per unit and increases supply.
Individual Supply Schedule and Supply Curve
- Individual supply means supply by a single firm.
- An individual supply schedule is a tabular presentation of different quantities supplied at different prices.
- For X Ltd., sugar supply rises from 8 quintals at Rs.2800 to 15 quintals at Rs.3200 per quintal.
Key Concepts
Central concept: Supply of a commodity
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