AS Paper 1, June 2024Introduction to Markets and Market Failure
AS Paper 1, June 2024, Q2(a)
Define the term ‘supply.’
Short answerDefine1 mark
Context
Vanilla bean prices increased to a record $600 a kilogramme in 2018 after a cyclone hit the tropical island of Madagascar, damaging crops. Madagascar supplies 75% to 80% of the world vanilla bean market.