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Supply The amount of a good or a service that a producer is willing to sell at various possible prices during a time period Quantity Supplied The amount of a good or service a consumer is willing and able to purchase at a particular price Law Of Supply The principle that producers will supply more of a product or service at higher prices but less of a product or service at lower prices Profit Motive The desire to make money Profit The difference between the revenue received from a sale of a good or service and the cost of providing that good or service Cost Of Production The total cost of materials, labor, and other inputs required in the manufacture of a product Supply Schedule A table that lists each quantity of a product that producers are willing to supply at various prices Supply Curve A graphic representation of a supply schedule, showing relationship between price and quantity supplied to creat a product with all other things being equal Elasticity Of Supply The degree to which changes in the price of a good or service affect the quantity supplied Elastic Supply The situation that exists when quantity supplied changes greatly due to a change in price Inelastic Supply The situation when quantity supplied changes slightly or not at all due to a change in price Determinants of Supply A nonprice factor that influences the available supply of a good or a service Tax A required payment to a local, state, or national government, usually made on some regular basis Subsidy A payment made by a government to individuals, businesses, or an industry to encourage certain activities that are considered essential or desirable Regulation A rule that a government establishes and enforces to protect the public or provide equal access to specific goods and services Total Product All the goods and services produced by a business during a given period of time with a given amount of input Marginal Product The additional output obtained by employing one more unit of input Law of Diminishing Returns The principle that as one or more input (such as labor) is added to a fixed supply of other resources (such as capital), productivity will increase up to a point, after which marginal product will diminish Fixed Cost A cost of doing business that remains constant as production increases or decreases Depreciation A decrease in value of a capital good because of its age, use, or deterioration2) a decline in the value of one nations currency relative to that of another nation Overhead The sum of a business's fixed costs except for wages and the material costs Variable Cost The cost of doing business that's changed directly with a change in the output, typically rising and dropping as the production increases and decreases Total Cost The sum of the fixed and variable costs involved in the production of a good or a service Marginal Cost The cost of producing one additional unit of output