Chapter 4 Supply Vocabulary

A graph that shows the quantities supplied at each and every possible price in the market.

• supply curve
• supply schedule
• market supply curve
• Law of Supply

Government payment to encourage or protect a certain economic activity.

• supply elasticity
• hypothtical
• subsidy
• total product

Amount of a product offered for sale at all possible prices in a market at a given point in time.

• Supply
• Law of Supply
• Supply Schedule
• Market Supply Cuve

A table showing the quantities produced or offered for sale at each and every possible price in the market at a given point in time.

• supply schedule
• demand schedule
• supply curve
• market supply curve

Different amounts offered for sale at each and every possible price in the market; shift of the supply curve.

• change in demand
• change in supply
• change in quantity supplied
• quantity supplied

Principle that more will be offered for sale at higher prices than at lower prices.

• Stages of Production
• Market Supply
• Law of Demand
• Law of Supply

Change in the amount offered for sale in response to a price change; movement along the supply curve.

• change in quantity supplied
• change in quantity demanded
• change in supply
• change in supply curve

A legally established highest price a seller can charge for a good or service.

A legally established lowest hourly wage rate that can be paid to workers.

Government rules or laws designed to control business.