What is Supply? | What are the factors affecting Supply?

What is Supply?
Supply is the willingness to sale and commercial ability to sell goods and services at given a price and a given period of time is known as supply.
When we talk about supply first thing comes under our thought is who creates supply? The answer is a producer. supply can be created through 2 things first we need willingness to sale and secondly we need money to make goods. If we lack any of requirity it will not be called as supply.

Factors affecting supply
supply of a producer can vary in response to several factors like price of own commodity, price of the factor of production, taste and preference, size and composition of population, etc.

Price of commodity:-Price of the commodity also affect the supply of the commodity. If the price of the commodity rises then its supply will also rise and if the price falls then supply will also fall. For example:- If the price of a wireless mouse will increase from 10 Rs. then its supply will also increase because now it will be more profitable for the producer to sell those goods more.

Price of factors of production:- Price of factors of production also affects the supply. If the price of factors of production is high then the producer will sell a low amount of good because of his limited resources to produce goods and if the price of the factor of production decrease then the producer will sell more because due to low cost he can produce more with the same amount of money.

Future expectation:-Future expectation also affects the supply of a commodity. If the price of a commodity is expected to increase in near future then its current supply will decrease and If the price of a commodity is expected to decrease in near future then its current supply will increase because it is more profitable to the producer.