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Supply1

Nrhsecovit Vocabulary for Unit on Supply

QuestionAnswer
the willingness and ability of sellers to produce and offer to sell different quantitiies of a good at different prices during a specific time period supply
a legal limit on the number of units of a foreign produced good or import that can enter a country quota
the average cost of a good per unit cost
supply curve for units that can no longer be produced vertical
a financial payment made by government for certain actions subsidy
numerical chart illustrating the law of supply supply schedule
body of skills and knowledge concerning the use of resources in production technology
the relationship between supply and price, since they move in the same direction direct
states that as a price of a good increases the quantity supplied of the good increases, and as the price of the good decreases than the quantity supplied of the good decreases law of supply
a graph that shows the amount of a good sellers are willing and able to sell at various prices supply curve
the ability to produce more output with a fixed amount of resources is an advancement in technology
factors other than price that affect supply (pigtoes), productivity,cost of inputs,government actions, technology, other outputs, expectations of future prices, size of market, WEATHER
the number of units of a good produced and offered for sale at a specific price quantity supplied
exists when the percentage change in quantity supplied is greater than the percentage change in price elastic supply
when the percentage change in quantity supplied is less than the percentage change in price inelastic supply
Created by: nrhsecovit
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