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Economics Year 10 > Supply > Flashcards

Flashcards in Supply Deck (5)
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1
Q

What is the definition of supply?

A

The quantity of a good or service that a producer is both willing and able to provide at a range of given prices over a period of time.

2
Q

What is a supply schedule?

A

A table that shows the quantity of a good or service that a producer is both willing and able to provide at a range of given prices over a period of time.

3
Q

What is a supply curve?

A

A graph that shows the quantity of a good or service that a producer is both willing and able to provide at a range of given prices over a period of time.

4
Q

What is the definition of the law of supply?

A

As the price rises the quantity supplied will increase, or vice versa, assuming Ceterius Paribus.

5
Q

What does the term willing and able mean in terms of supply?

A

Willing- The producer wants to produce the good or service

Able- They have the means to produce them