ECON: Supply

Resources; technology

... (such as land) and ... (such as the ability to draw water from a well) contribute to how a good or service is produced for the market.

Seller expectations

... are the anticipated future outcomes that sellers associate with the production of a good, service, or resource.

Increase

If production prices are expected to fall in the future, this will likely cause current suppl to...

Resources

Inputs used to produce goods and services are...

Technology

The knowledge, inventions, and innovations that can potentially increase resource productivity.

Stimulate; Unanticipated

taxes and subsidies matter, because they... production or collect revenue, have... effects on other markets

Supply

the factors that cause a shift in the... curve include, resource costs and availability, technology, the number of sellers, expectations about market conditions

market supply

the horizontal summation of the quantities supplied by individuals, firms, states, or even nations at each price over a fixed time period represents the...

supply

the law of...tells us that higher prices result in higher quantities being supplied.

rightward; supply

when more of a good, service, or resource is supplied at every price, there is a ... shift of the... curve

Added

The sum of individual supply curves... together reflect the... market supply curve

tax

a payment made to the government that is the result of economic activity is a...

Vertical; Horizontal

When drawing a supply curve, we always place price on the... axis and quantity on the... axis.

Supplied

When the price of smart phones increases the quantity of smart phones... will increase

Subsidy

A payment made by the gov't that does not necessarily require an exchange of economic activity in return is a...

Producers

A subsidy to... lowers the cost of producing.

Right

An increase in supply is a shift to the...

parallel

a change in supply: does not have to be a...shift.

curve

a graphical representation of the relationship between the price of a good, service, or resource and the quantities producers are willing and able to supply is known as the supply...

Price; quantity

a tabular representation of the relationship between the price of a good, service, or resource and the quantities producers are willing and able to supply is the supply schedule

Diminishing Marginal Productivity

according to the... if at least one input of production is fixed, the marginal productivity of additional variable resources will eventually fall, all else held constant.

Businesses

consumers taxes and subsidies that are placed on...are likely to shift the demand curve.

rise; increases

firms will be willing and able to produce more output only when prices... because the opportunity cost of production is...

Subsidies';Taxes

Payments (...) or changes (...) initially affect the supply of output in the market place, quantity traded and the market price of goods and services.

Change in Supply

Occurs when a non-price determinant of supply changes. Has the effect of shifting the entire supply curve to the right or left

graphical

The supply curve is a... representation of the information found in the supply schedule

Businesses

The taxes and subsidies that are under consideration in analyzing supply are applied to...

producers

market participants who are willing and able to sell goods, services, or resources are...

horizontal

market supply is the...summation of the quantities supplied by individuals, firms, states, or even nations at each price over a fixed time period.

increases

on the supply side of the market, when the price of a good increases, the quantity supplied of the good...

Supply curve

taxes and subsidies that are placed on consumers are likely to shift the...

consumers

taxes and subsidies that are placed on... are likely to shift the supply curve.

Change; price

the quantity of a good supplied to the market is affected by ... in the ... of a good.

Producer

the size of the... subsidy will influence the size of the shift in supply.

graph

the supply curve displays the supply of the good in a... showing the different prices and their corresponding quantities supplied.

Right

the supply curve will shift to the... if producers expect lower future prices, and the number of sellers increases

Table

the supply schedule displays the supply in a...showing the different prices and their corresponding quantities supplied.

supply, supply curve, supply schedule

the three different ways of expressing information about the supply of a good, service, or resources are...

Changes

when a non-price determinant of supply... the entire supply relationship changes

Leftward

when less of a good, service, or resource is supplied at every price, there is a... shift of the supply curve.