Create an account
law of supply
As a price increases the quantity of the good provided increases, as the price of a good decreases, the number provided decreases.
The quantity supplied and the quantity demanded at the equilibrium price;quantity bought nd sold @ equilibrium price
econ activites in 1 part of the country or world affect wut happens elsewhere
tool,equip,or other manufactured good used to produce other goods nd sevices;a factor of production
form of business organisation recognised by law as separate legal entity w/ all rights nd responsbilities of an indiv,including right to buy nd sell prop,enter into legal contracts,sue,nd be sued
work/labour performed for some1;econ product tht includes haircuts,home repairs,forms of entertainment
unincorp.business owned nd operated by 2+ ppl who share profits nd have unltd liability for debts nd obligations of the firm
tangible econ prod thts useful,relatively scarce,transderable to others;used to satisfy wants nd need
econ sys in which private citz own nd use factors of production in order to generate profits
gvt payment to an indiv,business,or other grp to encourage or protect a certain type of econ activity
reason to study econ
cuz scarcity affects almost every decision ppl make.its the study of how ppl try to satify wut appears to be seemingly unltd nd compelling wants thru careful use of relatively scarce resources
production possibilities graph
represents various combinations of goods nd/or services an econ can produce wen all productive resources are fully employed
the main econ prob.its a cond tht results from socierty not having enough resources to produce all things ppl would like to have
listing of various quantities of particular prod supplied @ all possible prices in the market
shows various quantities supplied @ each nd every price tht might prevail in the market
change in quantity supplied
amt tht producers bring to market @ any given price.so,it shows as mvmt along supply curve,just like the case of demand.it can either inc or dec,depending on whether more or less of prod is offered
sit in which prices are relatively stable,nd quantity of goods/services supplied is eq to quantity demanded
Please allow access to your computer’s microphone to use Voice Recording.
Having trouble? Click here for help.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!Reload
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Please upgrade Flash or install Chrome
to use Voice Recording.
For more help, see our troubleshooting page.
Your microphone is muted
For help fixing this issue, see this FAQ.
Star this term
You can study starred terms together