The nature of Supply

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Supply
The quantity of a good or service that firms choose to sell at any given price in a period of time.
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Firm
An organistaion that brings togther factors of production to produce output.
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Competitive market
A market in which individual firms cannot influence the price of the good or service they are selling, because of competion from other firms.
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Supply curve
A graph showing the quantity supplied at any given price.
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Cartel
An aggreement between firms in a amrket on price and output with the intention of maximising their joint profits.
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Price elasticity of supply (PES)
A meausre of the sensitivity of quantity supplied of a good or service to a change in the price of that good or service.
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Other cards in this set

Card 2

Front

An organistaion that brings togther factors of production to produce output.

Back

Firm

Card 3

Front

A market in which individual firms cannot influence the price of the good or service they are selling, because of competion from other firms.

Back

Preview of the back of card 3

Card 4

Front

A graph showing the quantity supplied at any given price.

Back

Preview of the back of card 4

Card 5

Front

An aggreement between firms in a amrket on price and output with the intention of maximising their joint profits.

Back

Preview of the back of card 5
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