Simple English definitions for legal terms
Read a random definition: perpars
Supply: The amount of things that are available to buy at a certain price. This can be all the things made in a whole country over a certain time period, or just the things made by one company.
Definition: The amount of goods or services that are available for purchase at a given price. This can refer to a specific product or to the overall amount of goods and services produced in an economy during a certain period of time, known as aggregate supply.
Examples:
The first example illustrates the supply of a specific product, apples, at a certain price point. The grocery store has a certain amount of apples available for purchase, and customers can buy as many as they want at the given price of $1 per pound.
The second example illustrates the overall supply of a product category, cars, in the United States. The aggregate supply increased by 5% last year, meaning that more cars were produced and available for purchase in the market.