Chapter 21 Vocab Flashcards
supply
refers to the various quantities of a good or service that producers are willing to sell at all possible market prices
*often refers to the output of a single business or producer
refers to the various quantities of a good or service that producers are willing to sell at all possible market prices
*often refers to the output of a single business or producer
supply
Law of Supply
the principle that suppliers will normally offer more for sale at higher prices and less at lower prices
the principle that suppliers will normally offer more for sale at higher prices and less at lower prices
Law of Supply
Supply schedule
a numerical chart that illustrates the law of supply
a numerical chart that illustrates the law of supply
supply schedule
supply curve
a graph that shows the amount of a product that would be supplied at all possible prices in the market
a graph that shows the amount of a product that would be supplied at all possible prices in the market
supply curve
profit
the money a business receives for its products or services over and above its costs
the money a business receives for its products or services over and above its costs
profit
market supply
the total combination of the supply schedules of all the businesses that provide the same good or service
the total combination of the supply schedules of all the businesses that provide the same good or service
market supply
productivity
the degree to which resources are being used efficiently to produce goods and services
the degree to which resources are being used efficiently to produce goods and services
productivity
technology
refers to the methods or processes used to make goods and services
refers to the methods or processes used to make goods and services
technology
subsidy
a government payment to an individual, business, or other group for certain actions
a government payment to an individual, business, or other group for certain actions
subsidy
supply elasticity
a measure of how the quantity supplied of a good or service changes in response to changes in price
a measure of how the quantity supplied of a good or service changes in response to changes in price
supply elasticity
