supply

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Storyboard Description

Supply is the amount of something that firms, consumers, laborers, providers of financial assets, or other economic agents are willing to provide to the marketplace. Supply is often plotted graphically with the quantity provided (the dependent variable) plotted horizontally and the price (the independent variable) plotted vertically.

Storyboard Text

  • WHAT IS DEMAND?
  • Demand is the utility for a good or service of an economic agent, relative to his/her income.
  • Demand is a buyer's willingness and ability to pay a price for a specific quantity of a good or service. Demand refers to how much (quantity) of a product or service is desired by buyers at various prices.
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