Term
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Definition
| The actual amount of a good or service producers are willing to sell at some specific price. |
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Definition
| Shows how much of a good or service producers will supply at different prices. |
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Definition
| Shows the relationship between quantity supplied and price. |
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Definition
| Other things being equal, the price and quantity supplied of a good are positively related. |
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Term
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Definition
| A shift of the supply curve, which changes the quantity supplied at any given price. |
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Term
| movements along the supply curve |
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Definition
| A change in the quantity supplied of a good that is the result of a change in that good's price. |
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Definition
| Anything used to produce a good or service. |
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Term
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Definition
| Illustrates the relationship between quantity supplied and price for an individual producer. |
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Definition
| No individual would be better off doing something else. |
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Definition
| The price that matches the quantity supplied and the quantity demanded. |
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Definition
| The quantity bought and sold at equilibrium price. |
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Definition
| Another name for equilibrium price. |
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Term
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Definition
| The quantity supplied exceeds the quantity demanded. Surpluses occur when the price is above its equilibrium level. |
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Term
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Definition
| The quantity demanded exceeds the quantity supplied. Shortages occur when the price is below its equilibrium level. |
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