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Unit 2-2
Unit 2-2: Supply
| Term | Definition |
|---|---|
| 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
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