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Module 6

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Supply - Fill-in-the-Blanks

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12th grade
macroeconomics
supply
71 veces realizada

Creada por

Zachary Foust
Zachary Foust
Estados Unidos

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Module 6Versión en línea

Supply - Fill-in-the-Blanks

por Zachary Foust
1

specific

Quantity supplied is the quantity that producers are willing and able to produce and sell at some price .

2

supply curve upward supplied quantity producers

A supply schedule shows how much of a good or service would supply at different prices .

A supply schedule can be represented by a .

The law of supply says that a higher price leads to a higher .

Supply curves normally slope .

3

distinction not price shift

A change in supply schedules leads to a of the supply curve .

It's crucial to draw a between changes in supply and movements along the supply curve .

Movements along the supply curve are caused by a change in .

A change in supply is caused by a change in price .

4

in increases Technology in increases Shifts increases market leftward expected rightward Complements decreases increases decreases Substitutes decreases decreases increases production decreases production increases input decreases

When economists talk about an " increase in supply , " they mean a shift of the supply curve .

When economists talk about a " decrease in supply , " they mean a shift of the supply curve .

of the supply curve for a good or service are mainly the result of five factors : changes in input prices , changes in the prices of related goods or services , changes in technology , changes in expectations , and changes in the number of producers .

An is any good or service that is used to produce another good or service .

When the price of an input falls , the supply of the good .

When the price of an input rises , the supply of the good .

are alternative products that a seller can produce .

When the price of a substitute in production falls , the supply of the original good .

When the price of a subsitute in production rises , the supply of the original good .

are products that are produced together .

When the price of a complement in production rises , the supply of the original good .

When the price of a complement in production falls , the supply of the original good .

refers to all of the methods people can use to turn inputs into useful goods and services .

When the technology used to produce the good improves , the supply of the good .

When the best technology used to produce the good is no longer available , the supply of the good .

When suppliers have some choice about when they put their good up for sale , changes in the future price of the good can lead a supplier to supply less or more of the good today .

When the price is expected to fall in the future , the supply of the good today .

When the price is expected to rise in the future , the supply of the good today .

The supply curve shows the combined total quantity supplied by all individual producers of a good .

When the number of producers rises , the market supply of the good .

When the number of producers falls , the market supply of the good .

 
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