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Side A ------ Side B
What is supply? ------ The quantity of goods and services and services that producers are willing to offer at VARIOUS possible prices during a given time period.
What is Quantity supplied? ------ The amount of good and services that a producer is willing to sell at EACH particular price.
What does the law of supply infer? ------ Producers supply more goods and services when they can sell them at higher prices and vice versa. The higher the P the higher the QS.
What is the Elasticity of supply? ------ The degree to which price effect the quantity supplied
What 3 things cause an ELASTIC supply? ------ 1) Quickly made
2) Inexpensively made
3) Uses few, readily available resources
looks horizontal
List the 5 determinants of supply ------ 1) Price of resources
2) Technology
3) Gov't tools
4) Competition
5) Producer expectations
In which three ways does the government effect the supply? ------ 1) taxes
2) Subsidies- money given to private businesses.
3) Regulations set.
What is productivity? ------ Tells producers how efficiently their resources are being used.
What is Marginal cost? ------ the additional cost of each unity produced with another level of input
What is the cost of production. ------ The total cost of materials, labor, and other inputs required in the manufacture of a product.

Side A ------ Side B
What is supply? ------ The quantity of goods and services and services that producers are willing to offer at VARIOUS possible prices during a given time period.
What is Quantity supplied? ------ The amount of good and services that a producer is willing to sell at EACH particular price.
What does the law of supply infer? ------ Producers supply more goods and services when they can sell them at higher prices and vice versa. The higher the P the higher the QS.
What is the Elasticity of supply? ------ The degree to which price effect the quantity supplied
What 3 things cause an ELASTIC supply? ------ 1) Quickly made
2) Inexpensively made
3) Uses few, readily available resources
looks horizontal
List the 5 determinants of supply ------ 1) Price of resources
2) Technology
3) Gov't tools
4) Competition
5) Producer expectations
In which three ways does the government effect the supply? ------ 1) taxes
2) Subsidies- money given to private businesses.
3) Regulations set.
What is productivity? ------ Tells producers how efficiently their resources are being used.
What is Marginal cost? ------ the additional cost of each unity produced with another level of input
What is the cost of production. ------ The total cost of materials, labor, and other inputs required in the manufacture of a product.