Econ vocab quiz 2 test 2

the amount of a good or service available

• law of supply

• shortage

• supply

• subsidy

producers offer more of a good or service as its price increases and less as its price falls

• law of supply

• subsidy

• supply

• supply curve

a situation in which consumers want more of a good or service than producers are willing to make available at a particular price

• subsidy

• shortage

• price ceiling

• price floor

a change in quantity supplied

• movement along a supply curve

• shift of a supply curve

• non price determinants of supply

• surplus

the entire graph moving

• shift of a supply curve

• movement along a supply curve

• supply

• supply curve

factors that can shift an entire supply curve other than price

• non price determinants of supply

• shortage

• supply

• quantity supplied

a government payment that supports a business or market

• subsidy

• supply

• profit

• surplus

a graph of the quantity supplied of a good or service at various prices

• supply curve

• profit

• movement along a supply curve

• law of supply

the amount of money a business receives on excess of its expenses

• profit

• subsidy

• supply

• eqiulibrium point

a minimum price for a good or service

• price floor

• price ceiling

• shortage

• surplus