Supply and Demand Flashcards

Front

Quantity supplied

Back

The amount of a good or service that producers are willing and able to offer for sale at a specific price.

Front

Supply

Back

The quantity of a good or service that producers are willing and able to offer for sale at various prices.

Front

Supply curve

Back

A graph that shows the relationship between price and the quantity that producers are willing and able to supply.

Front

Supply schedule

Back

A table that shows the quantities supplied at different prices in a market.

Front

Law of Supply

Back

An economic law stating that as the price of a good or service increases, the quantity supplied increases, and vice versa.

Front

Market Supply

Back

The sum of all the individual quantities supplied in a market.

Front

Revenue

Back

The amount of money a firm receives in the course of doing business.

Front

Change in quantity supplied

Back

An increase or decrease in quantity supplied as a result of a change in price.

Front

Change in supply

Back

An increase or decrease in supply as a result of a change in factors other than price; a shift of the supply curve to the left or right.

Front

Supply shifters

Back

A factor other than price that can cause a change in the supply of a good or service.