AP Flashcards

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
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