the quantity of goods or services that producers are willing and able to offer at various possible prices during a given time period

the quantity of goods or services that producers are willing and able to offer at each particular price during a given time period

the higher the price of a good or service the more will be offered for sale. the lower the prices the less will be offered for sale

when the amount buyers are willing to purchase equals the amount the sellers are willing to supply

table and/or model that records the number of goods or services supplied at particular prices

the line connecting the price and quantity supplied

change in factors of production. If price of resources decreases production cost decreases, more products supplied.

taxes-payment of money to gov't (increases) subsidies- payment to private businesses by gov't (reduce) regulations- rules how companies conduct themselves

price of related goods

if price should change of one good will effect supply of its related goods

producers expectations

what they expect to their income to be in the future

amount of goods and services produced per unit of input

all of the product a company makes in a given period with a given amount of input

change in output generated by adding one more unit of input

law diminishing return

as more of one input is added to a fixed supply of other resources, productivity increases up to a point then marginal product will diminish

manufactures must look at their cost of production when deciding how much to supply to the market

change as the level of output changes

sum of fixed and variable prices

additional costs of producing one more unit of output

amount of money remaining after producers have paid all their costs

degree to which price changes affect the supply

exists when a small change in price causes a major change in the q supplied

when a change in a goods price has little impact on the quantity supplied

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econ test


supply	the quantity of goods or services that producers are willing and able to offer at various possible prices during a given time period
quantity supplied	the quantity of goods or services that producers are willing and able to offer at each particular price during a given time period
law of supply	the higher the price of a good or service the more will be offered for sale. the lower the prices the less will be offered for sale
equilibrium	when the amount buyers are willing to purchase equals the amount the sellers are willing to supply
supply schedule	table and/or model that records the number of goods or services supplied at particular prices
supply curve	the line connecting the price and quantity supplied
prices of resources	change in factors of production. If price of resources decreases production cost decreases, more products supplied.
Gov't tools	taxes-payment of money to gov't (increases) subsidies- payment to private businesses by gov't (reduce) regulations- rules how companies conduct themselves
technology	new tools, processes
competition	tends to increase supply
price of related goods	if price should change of one good will effect supply of its related goods
producers expectations	what they expect to their income to be in the future
productivity	amount of goods and services produced per unit of input
total product	all of the product a company makes in a given period with a given amount of input
marginal product	change in output generated by adding one more unit of input
law diminishing return	as more of one input is added to a fixed supply of other resources, productivity increases up to a point then marginal product will diminish
cost of production	manufactures must look at their cost of production when deciding how much to supply to the market
fixed costs	production costs dont change
variable costs	change as the level of output changes
total costs	sum of fixed and variable prices
marginal costs	additional costs of producing one more unit of output
profit	amount of money remaining after producers have paid all their costs
elasticity of supply	degree to which price changes affect the supply
elastic supply	exists when a small change in price causes a major change in the q supplied
inelastic supply	when a change in a goods price has little impact on the quantity supplied

Created by: user-1616632

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