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Unit 2-2

Unit 2-2: Supply

TermDefinition
Supply Amount of goods made available by producers
Law of Supply The higher the price, the larger the quantity produced
Quantity Supplied How much of a good is available at a specific price
Supply Schedule A chart that lists how much of a good a supplier will offer at different prices
Supply Curve A graphical representation of a supply schedule showing the quantity supplied at every possible price.
Subsidy Government payment that supports a business or market. Increases supply
excise tax a tax on the production or sale of a good
regulation government intervention in a market that affects the production of a good or service
Fixed cost cost that does not change no matter how much of a good is produced
Variable Cost Costs that rise and fall depending on how much is produced
Total Cost Fixed costs plus variable costs
Change in Supply When factors other than the sale price of a good cause a change in quantity supplied at every price. The curve shifts.
Change in Quantity Supplied Caused by a change in price. Movement along the curve. The curve does not shift.
Created by: croper1