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Supply

TermDefinition
Supply The amount of a good or service that producers are able and willing to sell at various prices during a specified time period
Law of Supply economic rule stating that price and quantity supplied move in the same direction
Quantity Supplied the amount of a good or service that a producer is willing and able to supply at a specific price
Supply Schedule Table showing quantities supplied at different possible prices
Supply Curve upward-sloping line that shows in graph form the quantities supplied at each possible price
Surplus situation in whish quantity supplies is greater than quantity demanded at the current price
Price Ceiling a legal maximum price that may be charged fro a particular good or service
Price Floor a legal minimum price below which a good or service may not be sold
Shortage situation in which the quantity demanded is greater than the quantity supplied at the current price
Equilibrium Price the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy
Created by: abreland
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