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Year 10 Economics > 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 within a period of time.

2
Q

What is a Supply Schedule?

A

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

3
Q

What is a Supply Curve?

A

A graph the sets out the quantity of a good or service that a producer is both willing and able to provide at a range of given prices within 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 Ceteris Parabis.

5
Q

What does Willing and Able mean in terms of Supply Definition?

A

WILLING- The producer wants to produce the good or service

ABLE- They have the means to produce them- Land, Labour, Capital, Entrepreneurship