Economics- Law of Supply – Flashcards

a schedule or curve showing the various amounts of a product that producers are willing and able to male available for sale at each of a series of possible prices during a specified period

the principle that, other things equal, an increase in the price of a product will increase the quantity of it supplied, and conversely for a price decrease; directly related

resource prices, technology, taxes and subsidies, prices of other goods, producer expectations, and the number of sellers in the market

a change in the quantity supplied of a good or service at every price; a shift of the supply curve to the left or right

a change in the amount if a product that producers offer for sale because of a change in the product's price

acronym for supply determinants

these are effected by the factors of production

more productivity because of this equals more output

increase in this equals less profit, decrease in thi equals more profit

government helps fund the costs producers

if a company produces 2 products, and one has an increase in demad, then the price for that products increases and the quantity supply increases, therefore, the supply of the other product decreases

when companies think something will sell more, they produce more of the product

when more firms enter the market; more suppliers equals more supply, less suppliers equals less supply