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The Basics of Supply definitions

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  • Supply
    Represents the seller side of the market, focusing on the amount producers are willing and able to offer at various prices.
  • Quantity Supplied
    Refers to the specific amount of a good producers are willing to offer at a particular price point.
  • Law of Supply
    Describes the direct relationship where higher prices lead to greater amounts offered by sellers, and vice versa.
  • Supply Curve
    A graphical representation showing an upward slope, indicating higher prices result in more goods offered.
  • Supply Schedule
    A table listing various prices alongside the corresponding amounts sellers are willing to offer.
  • Producer
    An individual or entity responsible for offering goods or services in the market.
  • Seller
    A market participant who provides goods or services in exchange for payment.
  • Price
    The monetary value assigned to a good or service, influencing the amount offered by sellers.
  • Market
    A setting where buyers and sellers interact to exchange goods, services, or resources.
  • Demand Curve
    A graphical line, typically sloping downward, contrasting with the upward trend of the supply curve.
  • Determinants
    Factors that can cause the amount offered by sellers to shift, to be discussed in further lessons.
  • Consumer
    A participant on the opposite side of the market, focusing on purchasing rather than offering goods.