6431792107 | Supply | refers to the quantity of goods and services,which the supplier is willing and able to trade at alternative prices at a given time | 0 | |
6431831126 | Supply Function | It is the mathematical equation of two variables that shows the direct relationship of price and supply | 1 | |
6431849733 | Qs | Dependent Variable | 2 | |
6431849762 | P | Independent Variable | 3 | |
6431864566 | Supply Schedule | It refers to the table that shows Quantity Supplied at the alternative prices at a given time | 4 | |
6431908847 | Law of Supply | when the price of the product is high,producers are willing to sell more but if the price is low,producers tend to decrease the supply assuming all other things remain constant. | 5 | |
6431920980 | Market Supply | is the sum total of products that all producers or sellers sell in the market | 6 | |
6431944328 | Costs Subsidy Weather/Climate Technology Number of Sellers Price of Related Products Expectation | Factors that Affect the Supply | 7 | |
6431968389 | Costs | Producers take into consideration the cost of producing the goods they would like to supply in the market | 8 | |
6431978099 | Tax | is a compulsory contribution imposed by the government to individuals and business firms. | 9 | |
6431987839 | Subsidy | refers to the assistance provided by the government to small-scale businessmen and farmers to enable them to produce more products | 10 | |
6431995781 | Weather/Climate | Calamities ekek If the climate/weather fits the needs of the producers,sufficient supply is guaranteed to flow to the market | 11 | |
6432008296 | Technology | The use of modern machineries and technical knowledge in the production of goods help the producer provide sufficient supply in the market | 12 | |
6432014589 | Number of Sellers | determinant of the abundant supply of production in the market | 13 | |
6432026869 | Price of Related Products | Sellers are motivated to sell the products if the price is high | 14 | |
6432034426 | Expectation | Hoarding //Producers speculate about the price increase | 15 | |
6432069843 | Elastic | more than 1% | 16 | |
6432072826 | Inelastic | less than 1% | 17 | |
6432074819 | Unitary | value of 1 | 18 | |
6432146814 | 19 |
AP Flashcards
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