Modules 6 & 7 vocab

other things being equal, the price and quantity supplied of a good are positively related

shows how much of a good or service producers would supply at different prices

• supply schedule

• quantity supplied

• change in supply

• supply curve

shows the relationship between the quantity supplied and the price

the actual amount of a good or service people are willing and able to sell at some specific price

• supply schedule

• quantity supplied

• change in supply

• supply curve

change in the quantity supplied of a good arising from a change in the good's price

• movement along the curve

• quantity supplied

• change in supply

• shift in supply

good or service that is used to produce another good or service

illustrates the relationship between quantity supplied and price for an individual producer

• individual supply curve

• quantity supplied

• supply curve

• shift in supply

When no individual would be better of doing something different in an economic situation

competitive market is in equilibrium when the price has moved to a level at which the quantity demanded of a good equals the quantity supplied of that good, the price at which this takes place

• equilibrium price

• quantity supplied

• supply curve

• equilibrium quantity

competitive market is in equilibrium when the price has moved to a level at which the quantity demanded of a good equals the quantity supplied of that good, the quantity of that good bought and sold at that price is

• equilibrium price

• quantity supplied

• supply curve

• equilibrium quantity