Terms : Hide Images
| 14744728056 | Quantity supplied | the actual amount of a good or service producers are willing to sell at some specific price | 0 | |
| 14744728057 | Supply schedule | shows how much of a good or service producers will supply at different prices | 1 | |
| 14744728058 | Supply curve | shows the relationship between quantity supplied and price | 2 | |
| 14744728059 | Law of supply | states that, other things being equal, the price and quantity supplied of a good are positively related | 3 | |
| 14744728060 | Factors that shift supply curve | Changes in: 1. Input prices 2. Prices of related goods/services 3. Technology 4. Expectations 5. Number of producers | 4 | |
| 14744728061 | Change in supply | a shift of the supply curve, which changes the quantity supplied at any given price | 5 | |
| 14744728062 | Movement along supply curve | a change in the quantity supplied of a good that is the result of a change in that good's price | 6 | |
| 14744728063 | Input | anything that is used to produce a good or service | 7 | |
| 14744728064 | Individual supply curve | illustrates the relationship between quantity supplied and price for an individual producer | 8 | |
| 14744728065 | Equilibrium | an economic situation in which no individual would be better off doing something different (quantity demanded = quantity supplied) | 9 | |
| 14744728066 | Equilibrium price | the price at which the market is in equilibrium, that is, the quantity of a good or service demanded equals the quantity of that good or service supplied; also referred to as the market-clearing price | 10 | |
| 14744728067 | Equilibrium quantity | the quantity of a good or service bought and sold at the equilibrium (or market-clearing) price | 11 | |
| 14744728068 | Surplus | when the quantity supplied exceeds the quantity demanded; occurs when the price is above its equilibrium level | 12 | |
| 14744728069 | Shortage | when the quantity demanded exceeds the quantity supplied; occurs when the price is below its equilibrium level | 13 |
