What term describes the amount of goods that are available in a market?

The term that describes the amount of goods available in a market is supply. Supply refers to the total quantity of a product or service that producers are willing and able to sell at various prices over a given time period. It reflects the availability of goods and is influenced by factors such as production capacity, inventory levels, and the willingness of sellers to produce goods at certain price levels.

Understanding supply is crucial because it directly impacts market dynamics. When supply increases, it can lead to lower prices, assuming demand remains constant. Conversely, if supply decreases, it can lead to higher prices, indicating the tension between availability and consumer demand. This interplay is fundamental in economic theory, as it helps to determine market equilibrium, where supply meets demand at a certain price point.

In contrast, demand relates to consumers' willingness to purchase goods, while equilibrium describes the state where supply and demand are balanced. Profit refers to the financial gain after costs are subtracted from revenue, but it does not directly address quantities available in the market. Knowing these definitions helps clarify why supply is the correct term regarding the amount of goods available.