Concepts of demand and supply – Supply, schedules and Laws

Economics SSS1 First Term

WEEK 5

Concepts of demand and supply – Supply, schedules and Laws

Performance Objectives

Student should be able to:

1. Explain the meaning of supply, draw schedules and curves of a given commodity.
2. State the law of supply.
3. State and explain factor affecting supply for a commodity.

Content

Definition of supply
Supply is the willingness and ability of producers to create goods and services to take them to market. Alternatively, the supply of a commodity is the quantity of that commodity which a producer is willing and able to sell at a given price over a period of time.
Supply is positively related to the price given that at higher prices there is an incentive to supply…