Economics - Unit 1

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Supply
The amount offered for scale at each given price level.
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Planned supply
The amount producers plan to produce at each given price.
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Actual supply
The amount that producers in fact produce. This may differ from planned supply for a variety of reasons such as breakdowns in production, staff abseces.
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Market supply
The sum of all individuals firm's supply curves at each given price.
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Extension in supply
When there is an increase in supply because the market price has risen.
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Contraction in supply
When the amount offered for sale is reduced because the price level has fallen.
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Joint supply
When the production of one good also results in the production of another.
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Other cards in this set

Card 2

Front

Planned supply

Back

The amount producers plan to produce at each given price.

Card 3

Front

Actual supply

Back

Preview of the front of card 3

Card 4

Front

Market supply

Back

Preview of the front of card 4

Card 5

Front

Extension in supply

Back

Preview of the front of card 5
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