Question

what do you mean by supply write its essential elements and types​

Answer 1

Answer:

Demand and Supply are two pillars of business economics. We already know that demand is the quantity of a good or service that consumers are willing and able to purchase at different prices during a period of time. In this article, we will understand the meaning and determinants of supply.

Meaning of Supply

Supply refers to the amount of a good or service that the producers/providers are willing and able to offer to the market at various prices during a period of time. There are two important aspects of supply:

Supply refers to what is offered for sale and not what is finally sold.

Supply is a flow. Hence, it is a certain quantity per day or week or month, etc.

Supply: Meaning of Supply And Determinants Of Supply

(Source: TES.com)

Determinants of Supply

While the price is an important aspect for determining the willingness and desire to part with goods/services, many other factors determine the supply of a product or service as discussed below:

thank you, hope it helps you.

By- R.pravallika.