Economics Ch. 4: Supply Review

Question 1

Supply

Answer 1

amount of goods and services producers are willing and able to supply at each and every price during a specific period of time

Question 2

Quantity Supplied

Answer 2

amount of goods or services producers are willing and able to supply at a specific price during a specific period of time

Question 3

Law of Supply

Answer 3

Sellers will produce more of a product or service when it’s selling price is high and less when its selling price is low

Question 4

Relationship between Price and quantity supplied

Answer 4

Direct

Question 5

6 Determinants of Supply

Answer 5

Price of resources
Government tools
Technology
Competition
Price of related goods
Producer expectations

Question 6

Supply elasticity

Answer 6

inelastic supply vs elastic supply

Question 7

Inelastic Supply

Answer 7

goods that take a lot of time, money and resources that are not readily available

Question 8

Elastic supply

Answer 8

goods that can be produced quickly, inexpensively and with resources that are readily available.