supply Flashcards
refers to the willingness and ability of producers to offer goods and services for sale
Supply
Anyone who provides goods or services is a
producer
The two keywords in the definition of supply are
willingness and ability
As is true with demand_______ is a major factor that influences supply
price
states that when prices decrease, quantity supplied decreases, and when prices increases, quantity supplied increases
law of supply
s 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
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
A market supply schedule
column of the table lists various prices of a good or service
left-hand
column shows the quantity supplied at each price
right hand
is a graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price
supply curve
shows the data from the market supply schedule
market supply curve
The change in total product that results from hiring one more worker is called the
marginal product
Having each worker focus on a particular facet of production is called
specialization
shows the relationship between labor and marginal product
marginal product schedule
occur when hirring new workers cause marginal product to increases
Increasing returns