Difference Between Supply and Quantity Supplied
Supply vs Quantity Supplied
“Supply” and “quantity supplied” are terms that exist in the study of economics.
“Supply” is the designated name for the amount of products or services that are to be provided by a certain company to a market. The supply is illustrated in a supply curve and in a graph for simplification and illustration of the relationship between prices and quantities more clearly. It includes all the possible prices and possible quantities that are available.
Meanwhile, “quantity supplied” is the name for a specific point in the supply curve. “Quantity supplied” illustrates the amount or quantity that is willing to be provided for a certain market price. “Quantity supplied” is usually how many in number depending on the prices and quantity being illustrated for a specific time period or condition.
Both “supply” and “quantity supplied” can be translated into a graph. “Supply” can be graphed as the entire supply curve with all the possible prices and quantity and their intersections. “Quantity supplied” can be seen in the supply curve. It is one specific point or intersection between a certain price and quantity.
When the supply increases, the supply curve shifts to the right. If this happens, the amount of the quantity increases as well as the possible market price. There are many factors that affect the supply. If the supply deceases, the shift is to the left as an indicator.
Other factors are: prices of commodities, production costs (which includes an increase or decrease in production, resources, labor, and other related items), price of related goods (in relation to market competition and other sellers), technology in use, environmental occurrences like natural disasters and economic crises, taxes or subsidies and indirect taxes are just partial items that can cause a change (specifically a drop or an increase) in the supply. Also, other things to be considered are the market expectations as well as tastes, incomes, and interests of potential consumers.
Movement in the quantity supplied is characterized as from one point (of quantity supplied) to another point. The movement is often the result of the fluctuation in the price of a product or service. The shift (whether as a decrease or an increase) in the supply curve usually affects all the components: the possible market prices and the possible amount of quantity. On the other hand, a change in the quantity supplied can cause a minimal effect on the whole supply curve.
1.“Supply” is a general and fundamental aspect in the study of economics while “quantity supplied” is only a component of the supply. “Supply” is one of the terms used to illustrate the entire relationship between the price and the quantity. In contrast, “quantity supplied” is a specific term for a specific amount of quantity and a specific market price.
2.The supply is the whole relationship of the quantity and price while the quantity supplied and its matching price is only a part of the supply relationship. “Supply” includes all the possible market prices and the amount of quantity while “quantity supplied” only deals with one specific market price and amount of quantity.
3.The counterpart of “supply” is “demand” while the corresponding term for “quantity supplied” is “quantity demand.”
4.A change or shift in the supply curve affects all components while changes in the quantity supplied have a minimal effect.
5.A quantity supplied (with its corresponding price) is a component of a supply curve. A number or collection of the quantity supplied can construct a supply curve.
6.A change in the supply is characterized as a “shift,” while a change in the quantity supplied is marked by an upward line or movement from the previous quantity supplied with its matching price to another quantity supplied and its corresponding price.
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