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econonmics > supply > Flashcards

supply Flashcards

1
Q

The quantity of the goods and services that a producer is ? to produce at a given price and at a given period of time

A

willing and able

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2
Q

CETERIS PARIBUS

A

“all other things held constant”

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3
Q

Law of supply is …. Proportional

A

Directly

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4
Q

In supply, if peice goes up supply goessss

A

Up

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5
Q

mathematical representation showing the relationship of quantity supplied (Qs) and price (P)

A

Supply Function

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6
Q

table showing the changes in Qs as the P changes

A

Supply Schedule

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7
Q

graphical representation of the supply schedule

A

Supply Curve

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8
Q

caused by change in price

A

MOVEMENT along the supply curve

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9
Q

caused by change in price

A

MOVEMENT along the supply curve

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10
Q

caused by non-price factors

A

SHIFT
of the supply curve

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11
Q

CHANGES IN SUPPLY

A

Moverment, shift

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12
Q

If the supplycurve shifts to the left there is a/n increase or decrease in supply?

A

Decrease

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13
Q

If the supplycurve shifts to the right there is a/n increase or decrease in supply?

A

Increase

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14
Q

CHANGE IN PRICE OF
INPUTS

A

PRICE OF INPUT up
1 COST OF PRODUCTION up
1 PRICE OF PRODUCTup
1 SUPPLY down
+ DEMAND down

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15
Q

“capital deepening”

A

increases in the amount of physical capital available relative to labor to help firms to increase output

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16
Q

CHANGE IN NUMBER OF FIRMS

A

Increase or decrease of the number of producers in the market affects the level of supply of goods and services.

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17
Q

For every % change in P there is a greater % change in qs

A

Elastic >1 long run

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18
Q

For every % change in P there is a lesser % change in qs

A

Inelastic <1 sohrt run

19
Q

For every % change in P there is an equal % change in Qso

A

Unitary 1

20
Q

price that balances the Qd and Qs

A

EQUILIBRIUM PRICE

21
Q

number of Qd and Qs
at equilibrium price

A

EQUILIBRIUM QUANTITY

22
Q

Market equilibrium

A

the consumers are able to buy all they want to buy, and producers are able to sell all they want to sel

23
Q

Demand=supply

A

Equilibrium

24
Q

Demand>supply

A

Shortage

25
Q

Demand<supply

A

Surplus

26
Q

Above eq point

A

Surplus

27
Q

BELOW EQ POINT

A

Shortage

28
Q

How to fix excess demand?

A

P and Qs to rise

29
Q

EXCESS SUPPLY

A

P and qs down

30
Q

DEMAND EQUILIBRIUM SHIFT TO THE RIGHT

A

Shortagw

31
Q

To fix shortage in demand graph?

A

Price push up, eq and eq up

32
Q

Shift to left (demand)

A

Surplus

33
Q

Fix demand surplus

A

PRICE PULL DOWNWARD
Dowm EP and down EQ

34
Q

Shift to right of supply

A

Surplus

35
Q

Fix surplus (supply)

A

PRICE PULL DOWNWARD
Down EP and up EQ

36
Q

Supply shift to the left

A

Shortage

37
Q

Fix shortage (supply)

A

PRICE PUSH
UPWARD
Up EP and down EQ

38
Q

Price control

A

PRICE CONTROL direct economic intervention by the government to regulate price, usually done for basic commodities and
energy products

39
Q

The Price Act

A

An act providing protection to
consumers by stabilizing the prices of necessities and prime commodities and by prescribing measures against undue price increases during emergency situations and like occasions.

40
Q

PRICE
CEILING

A

maximum price that sellers are allowed to charge

41
Q

PRICE FLOOR

A

minimum price at which the buyers pay for commodities

42
Q

PRICE FREEZE

A

movement or change in price is not allowed

43
Q

Price Lower Than Equilibrium Price

A

Price Ceiling

44
Q

Price Higher Than Equilibrium Price

A

PRICE FLOOR

econonmics (20 decks)

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