Definition of Terms Used in Supply Markets
- Supply describes the availability of a good or service to its consumers. It can relate closely to the demand for a good or service at a specific price.
- Market is a place where goods and services are bought and sold. They serve to satisfy the needs and wants of people and organizations through an exchange process.
- Market Supply is the total amount that suppliers in a market are willing to offer of a good or service at the set prices over a certain period of time.
- Market Supply Curve is the amount all suppliers in a market are willing to offer of a good or service at a range of prices over a certain period of time.
- Supply Market Analysis is a technique that enables a buying organization to understand the operations in a market, growth trends in a market, market competition, key suppliers within a market and the value of buyers to the suppliers.
- Market Competition is when many suppliers are in competition with each other to satisfy the wants and needs of many consumers in a market.
- Market Structure is where different forms of competition are found within a market.
- Supply Chain is the process of producing, distributing and delivering a specific product or service to the customer.
- Risk can be defined as the probability of an unwanted outcome happening.
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