Quantity Supplied of a Good: Definition & Overview

An error occurred trying to load this video.

Try refreshing the page, or contact customer support.

Coming up next: Quick Ratio in Accounting: Definition, Formula & Example

You're on a roll. Keep up the good work!

Take Quiz Watch Next Lesson
Your next lesson will play in 10 seconds
  • 0:04 What Does 'Quantity…
  • 0:35 Law of Supply
  • 1:02 Analytical Tools
  • 1:31 Individual Supply and…
  • 2:04 Shifts in the Supply Curve
  • 3:02 Lesson Summary
Save Save Save

Want to watch this again later?

Log in or sign up to add this lesson to a Custom Course.

Log in or Sign up

Speed Speed

Recommended Lessons and Courses for You

Lesson Transcript
Instructor: Shawn Grimsley
Many economic issues revolve around supply, demand and price. In this lesson, you'll learn about supply and related concepts. You'll also have a chance to reinforce your knowledge with a short quiz after the lesson.

What Does 'Quantity Supplied' Mean?

Quantity supplied is the amount of a good that sellers are willing to sell and are able to sell. Willingness is generally a function of price. If the price a seller can obtain for a good supplied exceeds its costs to produce, a seller will usually provide it. A seller must also be able to supply the goods to the market. Ability to supply is usually a function of resources available to produce the good. Sometimes the level of resources will restrict supply. For example, diamonds are limited in supply, which may make certain high caret rings scarce.

Law of Supply

There is a strong positive correlation between the price sellers can obtain for selling a good and the quantity of the good sellers are willing to offer to the marketplace for sale. A positive correlation means that as the market price of a good increases, the quantity supplied to the market for sale increases. This makes sense, of course, because sellers will try to make more money by selling more goods if they can get higher prices. This relationship between price and quantity supplied is known as the law of supply.

Analytical Tools

Economists use a couple different techniques to analyze supply. Data is often collected in a supply schedule, which is simply a table that shows the relationship between the quantity supplied at a particular price point. After collecting the data and placing it in a supply schedule, you can then plot the change in quantity supplied based upon price on a graph. If you connect the data points plotted, you come up with a supply curve. A supply curve is upward sloping, which means that as price increases, supply increases.

Individual Supply and Market Supply

You can look at supply from an individual seller basis and from a market basis. Individual supply is simply the supply of goods one particular seller presents to the market for sale at a particular price. On the other hand, market supply is the aggregate supply offered by all sellers in the market at a particular price. For example, assume John and Jane are the only suppliers of widgets in a market. John will supply 5 widgets to the market if the price for each widget is $10, but Jane will supply 7 widgets at that price. The market supply at $10 is 12.

To unlock this lesson you must be a Member.
Create your account

Register to view this lesson

Are you a student or a teacher?

Unlock Your Education

See for yourself why 30 million people use

Become a member and start learning now.
Become a Member  Back
What teachers are saying about
Try it risk-free for 30 days

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Create an account to start this course today
Try it risk-free for 30 days!
Create an account