Supply and Demand Flashcards

The amount of a good or service that producers are willing and able to offer for sale at a specific price.

The quantity of a good or service that producers are willing and able to offer for sale at various prices.

A graph that shows the relationship between price and the quantity that producers are willing and able to supply.

A table that shows the quantities supplied at different prices in a market.

An economic law stating that as the price of a good or service increases, the quantity supplied increases, and vice versa.

The sum of all the individual quantities supplied in a market.

The amount of money a firm receives in the course of doing business.

An increase or decrease in quantity supplied as a result of a change in price.

An increase or decrease in supply as a result of a change in factors other than price; a shift of the supply curve to the left or right.

A factor other than price that can cause a change in the supply of a good or service.