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14 Cards in this Set
- Front
- Back
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supply
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the amount of goods and services business firms are willing and able to provide at different prices
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law of supply
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the higher the price buyers are willing to pay the greater the quantity of the product a supplier will produce
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supply schedule
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a tabular model noting the quantities of an item that suppliers are willing to produce at various prices
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supply curve
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a graph illustrating the quantities of an item that suppliers are willing to produce at various prices
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change in quantity supplied
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a change in the price consumers are willing to pay causes a change in the number of goods produced and sold
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change in supply
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the shifting of a supply curve that occurs when suppliers are wiling to produce more or less of item regardless of price
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decrease in supply
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a leftward shift, a situation in which suppliers will produce less of their product at any given price
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increase in supply
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a rightward shift, willingness of business firms to produce more at any given price
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market equilibrium point
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the point at which the demand curve and the supply curve for an item intersect
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market equilibrium price
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the price corresponding to the intersection of an item's supply and demand curves and at which consumers are willing to buy the same quantity that suppliers are wiling to produce
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surplus
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an excess of unsold products
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price floor
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a barrier preventing the price from falling lower
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shortage
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price of a good being held lower than its market equilibrium price
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price ceilings
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a barrier preventing the price of an item from rising above a certain price
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