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The Supply Curve definitions

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  • Supply
    Behavior of sellers regarding how much of a good they are willing to offer at various prices in a market.
  • Quantity Supplied
    Amount of a good sellers are prepared to produce and offer for sale at a specific price.
  • Law of Supply
    Direct relationship where higher prices lead to greater amounts offered for sale by sellers.
  • Supply Curve
    Upward-sloping graph showing the connection between price and the amount sellers are willing to offer.
  • Supply Schedule
    Table listing different prices alongside corresponding amounts sellers are willing to offer.
  • Market Supply
    Total amount of a good all sellers in a market are willing to offer at each price level.
  • Individual Supply Curve
    Graph showing how much a single seller is willing to offer at various prices.
  • Price
    Monetary value assigned to a good, influencing how much sellers are willing to offer.
  • Producer
    Entity responsible for creating goods and offering them for sale in a market.
  • Seller
    Participant in a market who offers goods for sale, often interchangeable with supplier.
  • Supplier
    Source providing goods to a market, determining how much is available at different prices.
  • Direct Relationship
    Situation where two variables move in the same direction, such as price and amount offered.
  • Y-Axis
    Vertical axis on a graph, typically representing price in supply curve diagrams.
  • X-Axis
    Horizontal axis on a graph, typically representing the amount offered in supply curve diagrams.