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chapter 5 - section 1 supply

Terms in this set (10)

supply
the amount of a product that would be offered for sale at all possible prices that could prevail in the market
law of supply
the principle that suppliers will normally offer more for sale at high prices and less at lower prices
supply curve
a graph showing various quantities supplied at each and every price that might prevail in the market
market supply curve
the supply curve that shows the quantities offered at various prices by all firms that offer the product for sale in a given market
quantity supplied
amount of producers bring to market at any given price
change in quantity supplied
change in amount offered for sale in response to a change in price
change in supply
a situation where suppliers offer different amounts of products for sale at all possible prices in the market
subsidy
government payment to an individual, business or other group to encourage or protect a certain type of economic activity
supply elasticity
measure of the way in which quantity supplied responds to a change in prices
supply schedule
listing of the various quantities of a particular product supplied at all possible prices in the market
THIS SET IS OFTEN IN FOLDERS WITH...