Economics Vocabulary Ch. 5

quantity that would be offered for sale at all possible prices in the market

• supply

• supply schedule

• supply curve

quantity supplied varies directly with price

• Law of supply

• supply schedule

• supply curve

schedule that shows the quantity offered at each and every possible market price

• Law of supply

• supply schedule

• supply curve

illustration of supply schedule

• supply curve

• supply schedule

• market supply curve

shows the quantity offered at each and every possible market prices by all firms that produce a product

• market supply curve

• supply curve

• supply schedule

amount producers bring to market

• quantity supplied

• change in supply

• supply curve

change in the amount offered in response to a change in price

• change in quantity supplied

• change in supply

• supply elasticity

change in the amount supplies at all prices causing a shift in supply curve to the right or left

• change in supply

• change in quantity

• subsidy

payments made by the government to encourage a producer to stay in the market

• subsidy

• supply elasticity

• total revenue

relationship between the factors of production and the output of goods and services

• short run

• Supply and demand
• theory of production