2.3 Supply
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11 Terms
Supply
The quantity of goods/services that producers are willing and able to supply to the market at a given price, at a given time
Law of supply
As price goes up, quantity supplied will increase
Individual supply
The supply of a product by one producer
Market supply
The supply of a product by all producers in a market
Joint supply
When a firm produces more than one product together
Competitive supply
A firm can use its resources to produce more than one product
Movements along the supply curve
Caused by changes in price (extension/contraction)
Shifts of the supply curve
Caused by changes to the costs of production, technology, productivity, weather, depreciation in exchange rate, entry of new producers, subsidies, taxes
Profit motive
Suppliers will be looking to get the most profit for their product
Movements along the supply curve
Shift of the supply curve
