AP Microeconomics Module 6 Flashcards

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