I've got a question for economics that I need help with, here is the question:
"What is meant by the supply side of economics? Define the term ‘supply’ in the context of economics and explain the factors from which it is derived."
I have answered it though but I don't understand this part in the question "Define the term 'supply' in the context of economics and explain the factors from which it is derived."
If you could help me with that, I would appreciate it.
Here is what I have answered already: "Supply-side of economics is a theory that is built upon the concept that an increase in goods and services will increase output while also lowering prices and lead to economic growth. When companies overproduce goods, they create excess inventory which results in the prices falling and consumers buying more to offset the excess supply. It is called “supply-side economics” because it focuses on how and what the government is able to do to increase the overall supply of goods and services created in the economy."