Modules 6 & 7 vocab

Front

Price and quantity supplied of a good are positively related.

Back

law of supply

Front

Shows how much of a good or service producers supply at various prices.

Back

Supply schedule

Front

Relationship between quantity supplied and price

Back

supply curve

Front

Amount of a good/service people are willing to sell at a specific price.

Back

quantity supplied

Front

Change in quantity supplied due to price change

Back

Movement along the curve

Front

Good/service used to produce another good/service

Back

input

Front

Relationship between quantity supplied and price for an individual producer.

Back

individual supply curve

Front

When no individual would benefit from a different action in an economic situation

Back

equilibrium

Front

Competitive market equilibrium occurs when the quantity demanded equals the quantity supplied.

Back

Equilibrium price

Front

A competitive market is in equilibrium when the price aligns with the quantity demanded and supplied. The quantity bought and sold at this price is:

Back

equilibrium quantity