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Economics Chapter 5 Lesson 1

Terms in this set (9)

Supply Schedule
A listing of the various quantities of a particular product that a producer would supply at all possible prices in the market.
Supply Curve
A graph showing the various quantities supplied by all possible prices that might prevail in the market at any given time.
Market Supply Curve
the supply curve that shows the quantities offered at various prices by all producers that offer the product for sale in a given market.
Quantity supplied
the amount that a single producer or all producers bring to market at any given price.
Change in quantity supplied
the change in the amount offered for sale in response to a change in price
Change in supply
a situation where suppliers offer different amounts of a product for sale at all possible prices in the market.
Factors that can cause change in supply
Cost of resources, productivity, technology, taxes, subsidies, government regulations, number of sellers, and expectations
Subsidies
a payment to an individual business, or other group to encourage or protect a certain type of economic activity.
Supply Elasticity
a measure of the degree to which the quantity supplied responds to a change in price.
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