Legal Definitions - supply

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:

• A grocery store has a supply of apples for sale at $1 per pound.
• The aggregate supply of cars in the United States increased by 5% last year.

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.