Supply

Supply : 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 to an individual.

Let's say Ben is an Ice-cream supplier, let us see his supply of ice-creams

Here as we can see that as the price of Ice-cream goes up Ben is willing to supply more and more ice-cream, this leads us to the Law of Supply.

Law of Supply: The Quantity supplied of a good rises when the price of the good rises.

We can show Ben's ability to supply with the help of the supply curve.

The supply curve here slopes upward because:

At higher price there is high profit for consumers
As a firm increases it's production, the cost of production increases hence producer charge more too.

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