Supply: meaning, definitions and examples

Etymology

• The word comes from the Latin 'supplicare', meaning 'to supply or offer'.
• It evolved through Old French 'supleer', which also means 'to fill or complete'.
• ‘Supply’ has been used in English since the 14th century, showing its long-standing importance.

Economics

• In economics, supply refers to the amount of a product that producers are willing to sell at a certain price.
• The Law of Supply states that as the price of a good increases, the supply also usually increases.
• Supply and demand work together; when demand goes up and supply stays the same, prices may rise.

Logistics

• Supply chain management involves overseeing how goods move from one place to another, ensuring efficiency.
• The concept of 'just-in-time supply' minimizes inventory and reduces costs by delivering goods right when they are needed.
• Globalization has greatly expanded supply chains, connecting manufacturers and customers across the world.

History

• During war times, supply lines were crucial for providing troops with necessary equipment and food.
• The Great Depression highlighted the need for effective supply management as many industries struggled to meet needs.
• The development of the steam engine allowed for faster transportation of supplies, transforming trade in the 18th and 19th centuries.

Psychology

• The concept of supply can also relate to meeting psychological needs, like providing emotional support.
• In relationships, the supply of affection and attention plays a crucial role in bonding and connection.
• A feeling of scarcity can influence behavior, making people take action to ensure their needs are supplied.

At #596 in the frequency ranking, this word is highly important for effective communication. It's commonly used in daily situations and should be prioritized in your vocabulary building.

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• 593 sure
• 594 gas
• 595 twenty
• 596 supply
• 597 military
• 598 title
• 599 requirements
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