Supply Analysis

Vocabulary flashcards covering the key concepts from the Supply Analysis lecture notes, including definitions of Total Output, Stock, Supply, and Supply Schedule.

Total Output

The sum total of the quantity of the commodity produced at a given period of time in the economy.

Stock

The total quantity of a commodity available for sale with a seller at a particular point of time. It is the source of supply and represents potential supply.

Stock vs. Supply Illustration

An illustration depicting stock (the total available goods, such as apples on trees) versus supply (the quantity brought to market for sale by a seller).

Supply

The quantity of a commodity that a seller is willing and able to offer for sale at a given price, during a certain period of time.

Supply (Flow Concept)

Refers to the amount of a commodity that firms produce and offer for sale in the market over a period of time, such as a day, a week, a month, or a year.

Definition of Supply (Paul Samuelson)

Refers to the relation between market prices and the amount of goods that producers are willing to supply.

Supply Schedule

A tabular representation of the functional relationship between price and quantity supplied of a particular commodity.

Individual Supply Schedule

Refers to a tabular representation showing various quantities of a commodity that a producer is willing to sell at various prices during a given period of time.