The amount of goods and services available for sale is called?
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The amount of goods and services available for sale is called supply. In economics, supply refers to the quantity of a good or service that producers are willing and able to offer for sale at a given price and time period. This means that supply is not just about the quantity of goods and services that are produced, but also about the price at which they are offered for sale.
Supply is affected by several factors, including the cost of production, technology, the availability of raw materials, government regulations, and competition. For example, if the cost of producing a good or service increases, producers may reduce the quantity supplied because it becomes less profitable. Alternatively, if there is a breakthrough in technology that makes production more efficient, producers may be able to increase the quantity supplied without increasing costs.
In contrast to supply, demand refers to the quantity of a good or service that consumers are willing and able to purchase at a given price and time period. The interaction between supply and demand determines the market equilibrium, which is the point at which the quantity supplied equals the quantity demanded.
Reserve is a term used in banking and finance to refer to the amount of funds that a bank or other financial institution keeps on hand to cover potential losses. It is not related to the amount of goods and services available for sale.
Economy is a broader term that refers to the overall system of production, distribution, and consumption of goods and services in a society. It includes factors such as GDP, inflation, employment, and trade, and is not specific to the amount of goods and services available for sale.