What are the factors that affect supply in economics?

Economists say supply is determined by several factors, including: Buyers want to pay as little as possible for a good or service, while producers want to maximize profit by charging as much as possible. When supply and demand are balanced, price tends to be stable

What is the definition of supply in economics?

In a goods market, supply represents the amount of product per unit of time that producers are going to sell at various prices. In the labour market, supply means the amount of time per week (or month) a person is willing to spend working, as a function of the wage rate.

What is the relationship between supply and demand in economics?

The law of supply and demand is another fundamental economics principle. Simply put, when supply is high and demand is low, the price will also stay low; when supply is low and demand is high — the price will increase.