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Economics (Supply)
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| Question | Answer |
|---|---|
| What is the Law of Supply? | The principle that suppliers will normally offer more for sale at high prices and less at lower prices. |
| What is Supply | the amount of product that would be offered for sale at all possible prices that could prevail in the market. |
| Supply Schedule | a listing of various quantities of a particular product supplied at all possible prices in the market, and a supply curve is graph showing the various quantities supplied at each and every price that might prevail in the market. |
| Supply Curve | A graph showing the various quantities supplied at each and every price that might prevail in the market. |
| Market Supply Curve | The supply that shows the quantities offered at various prices by all firms that offer the product for sales in a given market. |
| Quantity supplied | Is the amount that producers bring to market at any given price. |
| Change in Quantity Supplied | The change in amount offered for sale in response to a change in price. |
| Change in Supply | A situation where suppliers offer different amounts of products for sale at all prices in the market. |
| Seven shifters to supply | 1. Cost of Inputs- Labor, raw materials, etc. 2. Productiviy: By working more efficiency the workers produce more. 3. Technology- Improving productivity 4. Subsidies- Government payment 5. Expectations- Future prices will affect production 6. Regulat |
| Short Rune | The ability to change a single input. (Means they will hire more workers, just for a little bit, in their plant during their selling spree) |
| Long Run | Allows for changing most if not all inputs. (Means they expect to have a long spree of business so they build a new plant.) |
| What are the steps of the production. | 1. Increasing Returns 2. Diminishing Returns 3. Negative Returns |
| What's the first shifter? | Cost of Inputs |
| What's the second shifter? | Productivity |
| What's the third shifter? | Technology |
| What's the fourth shifter? | Subsidies |
| What's the fifth shifter? | Expectations |
| What's the sixth shifter? | Regulations |
| What's the seventh shifter? | Number of sellers |
| Supply Curve and Demand Curve do what to eachother? | Cross eachother at the equilibrium point |
Created by:
HXCnoob
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