Nrhsecovit Vocabulary for Unit on Supply
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| 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
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| a legal limit on the number of units of a foreign produced good or import that can enter a country | quota
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| the average cost of a good | per unit cost
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| supply curve for units that can no longer be produced | vertical
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| a financial payment made by government for certain actions | subsidy
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| numerical chart illustrating the law of supply | supply schedule
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| body of skills and knowledge concerning the use of resources in production | technology
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| the relationship between supply and price, since they move in the same direction | direct
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| 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
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| a graph that shows the amount of a good sellers are willing and able to sell at various prices | supply curve
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| the ability to produce more output with a fixed amount of resources is | an advancement in technology
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| 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
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| the number of units of a good produced and offered for sale at a specific price | quantity supplied
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| exists when the percentage change in quantity supplied is greater than the percentage change in price | elastic supply
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| when the percentage change in quantity supplied is less than the percentage change in price | inelastic supply
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