In economic terms, what is Supply?

Supply, in economic terms, refers specifically to the quantity of a commodity that producers are willing to sell at a given price during a specified time period. This definition encapsulates several key components of supply. First, it emphasizes the willingness of producers to engage in the market, indicating that supply is not just about quantity but also about the producers' intent to sell at certain price points.

Additionally, the aspect of a specified time period is crucial because supply can fluctuate depending on time, market conditions, or changes in production capabilities. The relationship between price and quantity supplied is often depicted through the supply curve in economics, which illustrates that higher prices typically incentivize producers to supply more of a good, reflecting the basic principles of supply and demand.

In contrast, the other definitions relate to different concepts in economics. The total demand for a commodity looks at what consumers are willing to purchase, which is not the same as supply. The total value of goods in exchange pertains more to market transactions rather than directly defining supply. Lastly, the overall market price of goods cannot capture the essence of supply itself, as it is a reflection of the balance between supply and demand rather than a definition of what supply entails.