Supply Flashcards
the willingness and ability of producers to offer goods and services for sale
Supply
who provides goods and services
Producers
two key words in the definition of supply are
Willingness and ability
Price is a major factor that influences ____
supply
_____ states that when price decreases, quantity supplied decreases, and when prices increase, quantity supplied increases
the law of supply
a ____ is a table that shows how much of a good or service an individual producer is willing and able to offer for sale at each price in a market
Supply Schedule
a _____ is a table that shows how much of a good or service all producers in a market are willing and able to offer for sale at each price in a market
Market Supply Schedule
the left hand column of the table list various _____ of a good or service
prices
the right hand column shows the ____ at each price
quantity supplied
a ____ is a graph the shows how much of a good or service an individual producer is willing and able to offer at each price
Supply Curve
a ______ shows the data from the market supply schedule
market supply curve
all normal supply curves slope from the ______ to the _____
lower left hand to the upper right hand
positive slopes show that if one value goes up, what happens to the other?
it goes up too
The change in total product that results from hiring one more worker is called the
marginal product
Having each worker focus on a particular factor of production is called
specialization
