Supply

Description

This flash card deck is to test your knowledge of the economic concept of supply
eleanor.adamandi
Flashcards by eleanor.adamandi, updated more than 1 year ago More Less
jackexamtime
Created by jackexamtime almost 11 years ago
eleanor.adamandi
Copied by eleanor.adamandi almost 11 years ago
eleanor.adamandi
Copied by eleanor.adamandi almost 11 years ago
23
3

Resource summary

Question Answer
Define supply The total quantity made available at any given price over a specific time period
What is the law of supply? As prices rise, so too does supply
What is the shape of the supply curve? Upward sloping from left to right
Why does it slope upwards from left to right? Because of the positive relationship between price and quantity supplied
What is the supply function? S(x) = F[ P(x), POG, C, Tn]
What does P(x) and POG stand for? P(x) = Price of Base Good POG = Price of Other Goods
What are "Other Goods" when talking about supply? Alternative products the producer could supply
What does C stand for? Cost of production
Is the relationship between cost of production and supply positive or negative? Negative
What does Tn stand for? Technology
What shape is the fixed supply curve? Vertical
Give an example of a "product" with a minimum price Labour (minimum wage)
Show full summary Hide full summary

Similar

Econ December exams prep
ji57ch22
27. Economic Development & Growth
samstevenson2014
Economic Development & Growth
eleanor.adamandi
Income Elasticity of Demand
eleanor.adamandi
Economic Development & Growth
eleanor.adamandi
Supply
Tilly Surrey
Formulas for Income Elasticity of Demand & Cross Elasticity of Demand
eleanor.adamandi
Shifts in the Supply Curve
eleanor.adamandi
Economic Development and Growth
eleanor.adamandi
Causes of Inflation
eleanor.adamandi
Demand, supply and the market
BryanTurner