Supply schedule

In economics, the term 'supply' is used to describe how many goods and services people are willing to sell for a given price.

The supply schedule describes how much goods an individual seller is willing to sell for each price. Suppose the following people all have concert tickets that they wish to sell:

 Willingness to sell Jeff \$2 Chad \$4 Greg \$6 Steve \$8

where willingness to sell describes the minimum price at which each person would sell their ticket.

For the price of \$2, Jeff is the only person willing to sell their ticket, therefore there is only one unit for sale.

For the price of \$4, both Jeff and Chad are willing to sell their ticket, therefore there is two units for sale.

For the price of \$6, everyone but Steve is willing to sell their ticket, therefore there is three units for sale.

For the price of \$8, everyone is willing to sell their ticket, therefore there is four units for sale.

The table describing the relationship between the price and the quantity of people willing to sell concert tickets is called the supply schedule and is illustrated in the table below:

 QTY Price 1 \$2 2 \$4 3 \$6 4 \$8