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Concept of Total Output and Stock

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Concept of Stock :

Stock is the total quantity of commodity available for sale with a seller at a particular point of time. It is the source of supply. It is potential supply. By increasing production, stock can be increased. Without stock, supply is not possible. Normally, stock exceeds supply and it is fixed and inelastic. In case of perishable goods such as milk, fish etc. stock may be equal to supply. On the other hand, for durable goods such as furniture, garments etc. stock can exceed the supply.

notes

Concept of Total Output:

Total Output :

Output is produced in the process of production. “Total output can be defined as the sum total of the quantity of the commodity produced at a given period of time in the economy.’’ Production leads to consumption. In the process of production inputs are converted into output or final goods.

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