determinants of supply

Definition

Elements besides price which determine the available amount of a product or service. Examples of determinants of supply in a business consist of the price of raw material, production costs, taxes and duties, subsidies and any other factor relating to the end supply of a good or service.

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  • I was in charge of figuring out the determinants of supply and that made me very nervous because I had not been put in charge of anything before.

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  • While starting a small business it is important to consider the determinants of supply to ensure the company has sufficient resources.

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  • You need to make sure that you are following the determinants of supply and keeping up with all the changes.

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