Question

Explain the term (supply) as it applies to economics. What is the difference between supply and quantity supplied?

Answer 1

There are numerous differences. This is a very fundamental concept to understand. Supply is a curve; it is the relationship between price and the quantity supplied at each price.

Quantity supplied is a point on the supply curve. It represents how much of a product will be supplied at that given price (based on the current supply schedule/curve).

A change in price will change quantity supplied. Pretty much anything else (any exogenous variable) will shift the supply curve.

Answer 2

Supply is the various quantities of a commodity that sellers are willing and able to offer for sale at various prices at a given period of time.