Supply Flashcards
1
Q
What is the definition of supply this one
A
The quantity of a good or service that a producer is willing and able to produce at any given price over a period of time
2
Q
what is the definition of supply schedule
A
A table that sets out the quantity of a good or service the producer is both willing and able to produce at any given price over a period of time.
3
Q
definition of a graph
A
A graph that sets out the quantity of a good or service the producer is both willing and able to produce at any given price over a period of time.
4
Q
What is the law of supply this one
A
As the price of a good or service increases the quantity supplied will increase (or vide versa) assuming cetaris parabis.
5
Q
What does the term willing and able mean
A
Willing= wants to produce more to maximise his profit Able= the producer does not have enough resources to produce more i.e land labour capital and entrepreneurship
