Term
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Definition
| quantity supplied varies directly with its price |
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Term
| change in quantity supplied |
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Definition
| movement occurs along the curve because of supply but no change in price |
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Term
| reasons for change in supply |
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Definition
| cost of inputs, productivity, technology, number of sellers, taxes and subsidies, expectations, government regulations. |
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Term
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Definition
how changes in the QS are affected by a change in price
a measure of responsiveness to a change in price |
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Term
| determinants of supply elasticity |
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Definition
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Term
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Definition
| cost of what makes products, such as labor or materials |
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Term
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Definition
| whether workers are putting their best forward |
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Term
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Definition
| number of sellers selling in a certain/related markets |
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Term
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Definition
taxes cause cost of production to go out
subsidies are gov payments to encourage a certain type of economic activity |
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Term
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Definition
introduction of new tech. can make things efficient
when equiptment breaks down work becomes less eficient |
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Term
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Definition
| anticipation of future events |
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Term
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Definition
| regulation can restrict or help supply if it is too strict or not strict enough. |
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