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11 Cards in this Set
- Front
- Back
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The willingness and ability of a producer to offer a good or service for sale
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Supply
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As price increases, quantity supplied increases
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Law of Supply
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Chart that shows how many units of a good producers are willing to offer for sale at various prices
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Market Supply Schedule
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Graph that shows how many units of a good producers are willing to offer for sale at various prices
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Market Supply Curve
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A shift of the entire supply curve, caused by TINGLE
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Change in Supply
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A movement along a particular supply curve, caused by a change in the price of the product
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Change in Quantity Supplied
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The price of resources needed to create a good or service
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Input Costs
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The education and training that workers have or obtain to be able to create goods and services
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Labor Productivity
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A tax placed on the producer of a good or service
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Excise Tax
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Laws or rules that producers must follow when creating goods or services
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Regulations
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How sensitive producers are to a change in the price of their product
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Elasticity of Supply
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