Angebot

What Is Angebot?

In economics, Angebot (German for "supply") refers to the total quantity of a specific good or Dienstleistungen that producers are willing and able to offer for sale at various price points within a given period. It is a fundamental concept within Volkswirtschaftslehre (economics) that, alongside Nachfrage (demand), determines the Marktgleichgewicht for Güter and services. The law of supply states that, all else being equal, an increase in price results in an increase in the quantity supplied. Conversely, a decrease in price leads to a decrease in the quantity supplied. This positive relationship between price and quantity supplied is a core tenet of microeconomics.

History and Origin

The foundational understanding of Angebot as a market force can be traced back to the birth of classical economics. While elements of supply were implicitly recognized earlier, the formal conceptualization of supply interacting with demand to determine prices gained prominence with the work of Adam Smith. In his seminal 1776 work, "The Wealth of Nations," Smith discussed how the "natural price" of commodities is influenced by the costs of production, but their "market price" fluctuates based on the current availability of goods and the "effectual demand" for them. He elaborated on the natural tendency for supply to adjust to meet demand, thereby leading prices towards this natural equilibrium. ¹⁴, ¹⁵, ¹⁶Smith's insights laid the groundwork for later economists like Alfred Marshall, who, in his 1890 work "Principles of Economics," formalized the supply and demand curves, providing a clearer graphical representation of the relationship between price, Angebot, and demand, which remains central to modern economic theory.

Key Takeaways

• Angebot represents the quantity of a good or service producers are willing and able to sell at various prices.
• The law of supply indicates a direct relationship: as price increases, quantity supplied typically increases.
• Factors beyond price, such as Produktionskosten, technology, and government policies, can shift the entire supply curve.
• Understanding Angebot is crucial for analyzing market behavior, predicting price movements, and assessing economic Wettbewerb.
• It forms one half of the supply and demand model, which determines market equilibrium and resource allocation.

Formula and Calculation

While there isn't a single universal "formula" for Angebot in the same way there is for financial ratios, it is commonly represented by a supply function. This function describes the relationship between the quantity supplied of a good ((Q_s)) and its determinants, primarily its price ((P)). A simplified linear supply function can be expressed as:

Where:

• (Q_s) = Quantity Supplied
• (c) = Intercept (the quantity supplied when the price is zero, representing other factors affecting supply)
• (d) = Slope of the supply curve, representing how much quantity supplied changes for a one-unit change in price. This coefficient is typically positive, reflecting the law of supply.
• (P) = Price of the good

More complex supply functions can incorporate other factors that influence Angebot, such as Produktionskosten (e.g., wages, raw material prices) and Technologischer Fortschritt.

Interpreting the Angebot

Interpreting Angebot involves understanding how producers respond to market conditions. A higher quantity of Angebot at a given price suggests that producers find it more profitable or feasible to bring that good or service to market. Conversely, a low Angebot might indicate high Grenzkosten of production, limited resources, or unfavorable market conditions.

When analyzing Angebot, economists look at both movements along the supply curve and shifts of the entire curve. A movement along the curve occurs when only the price of the good changes, leading to a change in the quantity supplied. A shift of the supply curve occurs when non-price factors influence producers' willingness or ability to supply goods. For instance, a new technology that lowers Produktionskosten would increase Angebot at every price level, shifting the supply curve to the right.

Hypothetical Example

Consider a hypothetical market for handcrafted artisanal bread.

Scenario: A local bakery, "Brotzeit," is the sole supplier.

• Initial Situation: At a price of €5 per loaf, Brotzeit bakes and sells 50 loaves per day.
• Price Increase: Due to rising demand, the market price for artisanal bread increases to €7 per loaf.
• Response (Angebot): Recognizing the higher profitability, Brotzeit decides to hire an additional baker and invest in a larger oven. This allows them to increase their daily production to 70 loaves at the new price. This represents an increase in the quantity supplied due a change in price.

Now, consider a shift in Angebot:

• Technological Advancement: A new, more efficient oven becomes available that significantly reduces the baking time and electricity consumption for each loaf.
• Response (Angebot Shift): Even at the original price of €5 per loaf, Brotzeit can now profitably bake 60 loaves per day. This means their Angebot curve has shifted to the right, as they can supply more at the same price, or the same quantity at a lower Produktionskosten.

Practical Applications

The concept of Angebot is critical in various real-world scenarios, influencing policy, market analysis, and business strategy.

• Commodity Markets: In markets for essential commodities like oil, agricultural products, or metals, understanding global Angebot is paramount. Organizations like OPEC (Organization of the Petroleum Exporting Countries) directly influence the global oil supply through production quotas, impacting international prices and global economies.
• ¹⁰, ¹¹, ¹², ¹³Government Policy: Governments frequently use policies such as Subventionen (which increase Angebot) or Steuern (which can decrease Angebot) to influence the availability and price of goods, for example, in the agricultural sector to ensure food security or in the energy sector to promote cleaner alternatives. The International Monetary Fund (IMF) often discusses how government interventions, like fiscal measures or exchange rate policies, can affect the supply side of an economy.
• ⁶, ⁷, ⁸, ⁹Business Strategy: Businesses constantly analyze market Angebot to make strategic decisions. A company might decide to increase production capacity if it anticipates strong demand and limited competitor Angebot, or it might delay expansion if the market is already oversaturated. Understanding the Preiselastizität of supply helps businesses determine how responsive their quantity supplied is to price changes.

Limitations and Criticisms

While the concept of Angebot is fundamental to economics, it also faces certain limitations and criticisms, especially when applied in isolation or in complex real-world scenarios.

One common critique relates to the simplifying assumptions of the supply and demand model, particularly the "ceteris paribus" (all else being equal) condition. In reality, multiple factors change simultaneously, making it challenging to isolate the impact of price on Angebot. Furthermore, the model assumes perfect information and rational behavior from producers, which may not always hold true.

Another area of debate concerns the practical application of supply-side economic policies. Policies aimed at stimulating Angebot by reducing taxes or deregulation, often referred to as supply-side economics, have been criticized for their actual impact on economic growth and for potentially exacerbating Inflation or income inequality. For example, research from the Federal Reserve Bank of San Francisco has discussed how different factors, including supply and demand, drive inflation, acknowledging the complexities beyond simple supply-side adjustments. Critics⁴, ⁵ argue that focusing solely on Angebot can overlook crucial factors such as insufficient Nachfrage or structural issues in the economy that hinder production and distribution, leading to unintended consequences.

Ang¹, ², ³ebot vs. Nachfrage

Angebot (supply) and Nachfrage (demand) are two distinct yet interdependent forces that together determine market prices and quantities in an economy. While Angebot reflects the producer's perspective—how much they are willing to sell at various prices—Nachfrage represents the consumer's perspective—how much they are willing and able to buy at various prices.

The key differences can be summarized as follows:

Confusion often arises because both concepts are essential for understanding market dynamics and the formation of prices. They constantly interact, with shifts in one directly impacting the other to establish a new Marktgleichgewicht. For example, an increase in Angebot will, all else being equal, lead to a lower equilibrium price and a higher equilibrium quantity, impacting the quantity demanded.

FAQs

What causes a change in Angebot?

A change in Angebot refers to a shift of the entire supply curve. This is caused by factors other than the price of the good itself. Common determinants include changes in Produktionskosten (e.g., raw material prices, wages), advancements in Technologischer Fortschritt, government policies like Subventionen or taxes, the number of sellers in the market, and expectations about future prices.

How does Angebot affect prices?

Angebot directly affects prices in conjunction with Nachfrage. If Angebot increases while Nachfrage remains constant, a surplus will develop, pushing prices down. Conversely, if Angebot decreases while Nachfrage remains constant, a shortage will occur, driving prices up. The point where Angebot equals Nachfrage is the Marktgleichgewicht price.

Is Angebot always elastic?

No, Angebot is not always Preiselastizität (elastic). The Preiselastizität of supply measures how responsive the quantity supplied is to a change in price. If producers can easily increase or decrease production in response to price changes, supply is considered elastic. However, for goods with limited resources or long production times, like rare art or certain agricultural products, supply can be inelastic, meaning the quantity supplied does not change significantly even with large price fluctuations.