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.