Help
Options
Term
Supply
click to flip
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't know
Term
Law of Supply
Remaining cards (13)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Unit 2-2
Unit 2-2: Supply
| Term | Definition |
|---|---|
| Supply | Amount of goods made available by producers |
| Law of Supply | The higher the price, the larger the quantity produced |
| Quantity Supplied | How much of a good is available at a specific price |
| Supply Schedule | A chart that lists how much of a good a supplier will offer at different prices |
| Supply Curve | A graphical representation of a supply schedule showing the quantity supplied at every possible price. |
| Subsidy | Government payment that supports a business or market. Increases supply |
| excise tax | a tax on the production or sale of a good |
| regulation | government intervention in a market that affects the production of a good or service |
| Fixed cost | cost that does not change no matter how much of a good is produced |
| Variable Cost | Costs that rise and fall depending on how much is produced |
| Total Cost | Fixed costs plus variable costs |
| Change in Supply | When factors other than the sale price of a good cause a change in quantity supplied at every price. The curve shifts. |
| Change in Quantity Supplied | Caused by a change in price. Movement along the curve. The curve does not shift. |
Created by:
croper1
Popular Economics sets