Chapter 4: The supply of goods and services

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  • Created by: Asiyah N
  • Created on: 05-08-16 17:17
Market supply
The quantity of a good or service that all firms in a market are willing to sell
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Supply
The quantity of a good or service that firms plan to sell at given prices in a given period of time
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Profit
Profit is the difference between total sales revenue and total costs of production
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Condition of supply
A determinant of supply, other than the goods own price, that fixes the position of the supply curve
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Decrease in suppply
A leftward shift of the supply curve
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Increase in supply
A rightward shift of the supply curve
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Ad Valorem Tax
A percentage expenditure tax such as VAT
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Expenditure tax
A tax levied by the government on spending by consumers. The firms selling the good pay the tax to the government, but consumers indirectly pay via the resulting price rise
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Unit tax or Specific tax
A tax levied on a unit of good, irrespective of the goods price
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Subsidy
Money given by the government to firms to reduce the price and offset some of the costs of production
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Other cards in this set

Card 2

Front

The quantity of a good or service that firms plan to sell at given prices in a given period of time

Back

Supply

Card 3

Front

Profit is the difference between total sales revenue and total costs of production

Back

Preview of the back of card 3

Card 4

Front

A determinant of supply, other than the goods own price, that fixes the position of the supply curve

Back

Preview of the back of card 4

Card 5

Front

A leftward shift of the supply curve

Back

Preview of the back of card 5
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