supply
1. Economists define supply as the quantity of a good or service that producers are willing and able to offer for sale at each possible price during a given time period.
What do economists call the amount of a good or service that producers are able and willing to sell at various prices during a specified time?
When economists talk about supply, they mean the amount of some good or service a producer is willing to supply at each price. Price is what the producer receives for selling one unit of a good or service.
What is the quantity of a good or service that consumers are willing and able to buy?
Demand is simply the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period. People demand goods and services in an economy to satisfy their wants, such as food, healthcare, clothing, entertainment, shelter, etc.
What is the amount of a good that consumers are willing to buy?
We defined demand as the amount of some product that a consumer is willing and able to purchase at each price. This suggests at least two factors, in addition to price, that affect demand.
What are the terms of supply and demand in economics?
Terms in this set (39) supply the amount of a good or service that producers are able and willing to sell at various prices during a specified time period marginal utility an additional amount of satisfaction elasticity economic concept dealing with consumers’ responsiveness to an increase or decrease in price law of diminishing returns
What happens when the price of a good goes up?
In the case of supply, the higher the price of a good, the greater the incentive is for a producer to produce more. The higher price not only returns higher profits, but it also must cover the additional costs of producing more.
How is the equilibrium price of a product determined?
The equilibrium price of a product or service is determined through extensive market research research. It can also vary over time. This equilibrium price occurs when the number of customers willing to pay a certain price meets the quantity suppliers are willing to make.
