Supply Flashcards
The Definition Of Supply?
The quantity of a good or service that a producer is both willing and able to provide at a range of given prices within a period of time!
What is a Supply Schedule?
A table that sets out the quantity of a good or service that a producer is both willing and able to provide at a range of given prices within a period of time!
What is a Supply Curve?
A graph that sets out the quantity of a good or service that a producer is both willing and able to provide at a range of given prices within a period of time!
What is the Definition of the Law of Supply?
As the price rises the quantity supplied will increase, or vice versa, assuming ceteris paribus!
What does the term willing and able mean in terms of supply definition?
Willing- The producer wants to produce the good or service
Able- They have the means to produce them.
