The Supply Curve (HSC SSCE Economics): Flashcards
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10 cards from this deck
Supply curve shows
Supply curve shows
Relationship between price & quantity producers supply
Supply schedule
Supply schedule
Table of quantity supplied at different prices
Law of supply
Law of supply
As price rises, quantity supplied rises
Supply curve slopes
Supply curve slopes
Upward from left to right
Expansion of supply
Expansion of supply
Price rise causes upward movement along curve
Contraction of supply
Contraction of supply
Price fall causes downward movement along curve
Movements along supply curve caused by
Movements along supply curve caused by
Changes in price of the good itself
Shifts of supply curve caused by
Shifts of supply curve caused by
Changes in non-price factors
Increase in supply shown by
Increase in supply shown by
Rightward shift of supply curve
Decrease in supply shown by
Decrease in supply shown by
Leftward shift of supply curve