Supply (economics)
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"On 20 April 2020, due to excessive demand for storage of the large surplus in production, the price for future delivery of US crude in May had become negative, the first time to happen since the New York Mercantile Exchange began trading in 1983."--Sholem Stein |
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In economics, supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or directly to another agent in the marketplace. Supply can be in currency, time, raw materials, or any other scarce or valuable object that can be provided to another agent. This is often fairly abstract. For example in the case of time, supply is not transferred to one agent from another, but one agent may offer some other resource in exchange for the first spending time doing something. Supply is often plotted graphically as a supply curve, with the quantity provided (the dependent variable) plotted horizontally and the price (the independent variable) plotted vertically.
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