The amount of goods and services produced are called production and the portions of the produce offered for sale at prevailing prices in a given period of time is known as supply.
OR
“Supply is a schedule of the amount of a product that would be offered for sale at all possible prices, at any instant of time e.g., a day, a week and so on”.
Similar to demand supply is always related to a price of that product but there is a direct relation between supply and price i.e., at higher prices larger quantities will be offered because larger prices will bring more profit for traders and suppliers and at lower prices smaller quantities will be offered for sale because of low profit at low prices.
References:
Munir Ahmed Bhutta. Economics, Azeem Academy Publishers, Lahore.
Abdul Haleem Khawja. Economics, Khawja and Khawja Publishing House, Islamabad.
Manzoor Tahir Ch. Principles of Economics, Azeem Academy Publishers, Lahore.
Muhammad Irshad. Economics, Naveed Publications, Lahore.
K K Dewett & M H Navalur. Modern Economic Theory (Theory and Policy), S. Chand Publishing
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