Supply

 

Supply-

supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual. Supply can be in produced goods, labour time, raw materials, or any other scarce or valuable object ( WikiPedia)

I found this topic to be of great interest in a sense that one can be in and out of business because of a supplier. Demand and supply makes up the foundation of an economy. In business we can have an obstacle of a supplier. Recently I have halted selling a product due to a problem I had with a supplier. The supplier ran out of business and it was difficult to even find another supplier nearby. A supplier can increase prices meaning you also have to increase your prices. This seems simple but it tends to be difficult to maintain one’s clientele in such a situation.  This problem of suppliers come with the risk of running a business, one must always be on the lookout for any discrepancies and find solutions. In this case one needs to be pro-active and not reactive, but most of us are not so pro-active, we are always surprised by things happening in our business. The lack or limited supply can make or break a business. You can find that there is an increase in demand but no supply, this is bad for any business. Always ensure that you keep your head up for any supply changes.

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