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Supply

TermDefinition
Supply The total quantity of a good or service a producer is willing to sell
Supply curve A graph that describes the relationship between price and supply
Quantity supplied The amount demanded at each price on the supply curve
Law of supply Price and quantity supplied tend to have a positive relationship
Marginal cost Cost of production
Capital imputs What a firm needs to create products (ex. employees, equipment, space)
Vertical supply curve An unusual supply case where quantity supplied is fixed despite the price charged (ex. concert seats, land)
Market supply curve A sum of all the individual supply curves
Upward sloping curves Firms produce more when prices rise and they want to sell things at higher prices
Movement Going up or down on a supply curve
Shift Going left or right on a supply curve
Increase A rightwards shift in a supply curve
Decrease A leftward shift in a supply curve
The 5 supply shifters Input prices, productivity and technology, prices of related outputs, expectations, type and number of sellers
Input What firms use to make a certain good
Input prices As inputs increase in price, supply will decrease. Likewise, as inputs decrease in price, supply will increase
Productivity and technology Improving technology will increase productivity and cause an increase in supply
Substitutes-in-producing Products producers can switch between using the same resources. Price increase in one good will decrease supply of the other
Complements-in-producing Products produced together using the same resource. Price increase in one will increase supply of the other
Expectations Producers may change production based on what they think prices will do in the future
Time-shift production Producing less of a good at the current time because prices are likely to rise in the future
Number of sellers As sellers enter the market, supply increases
Created by: user-2052955
 

 



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