economics 4.4-4.5

Supply schedule

a list of numbers that compares a price with quantity supplied

Supply curve

a graphic representation of the quantity of goods supplied at different prices

Supply curve

should curve up and to the right

Producers goal

to find the price point where supply and demand are equal

Price point

the producer is willing to sell it at this price; the consumer is willing to buy it at this price

Equilibrium

the point at which the quantity demanded and quantity supplied are equal

Shortage

the quantity demanded exceeds the quantity supplied

Surplus

the quantity supplied exceeds the quantity demanded

Technology, Prices of resources, Price of related goods, Number of sellers, Producer expectations, Government taxes and subsidies

Changes in supply