Supply Curve
A graphical representation of the supply schedule, showing the relationship between quantity supplied and price.
Supply Schedule
A list or table showing how much of a good or service producers will supply at different prices.
Law of Supply
Other things being equal, the price and quantity supplied of a good are positively related.
Change in Supply
A shift of the supply curve, which changes the quantity supplied at any given price.
Movement Along the Supply Curve
A change in the quantity supplied of a good that results from a change in the price of that good.
Input
A good or service used to produce another good or service.
Individual Supply Curve
A graphical representation of the relationship betweenquantity supplied and price for an individual producer.
Equilibrium
An economic situation in which no individual would be better off doing something different.
Equilibrium Price
The price at which the market is in equilibrium, that is, the quantity of a good or service demanded equals the quantity of that good or service supplied; also referred to as the market-clearing price.
Equilibrium Quantity
The quantity of a good or service bought and sold at theequilibrium (or market-clearing) price.
Surplus
The excess of a good or service that occurs when the quantity suppliedexceeds the quantity demanded; surpluses occur when the price is above the equilibrium price.
Shortage
The insufficiency of a good or service that occurs when the quantity demanded exceeds the quantity supplied; shortages occur when the price is below the equilibrium price.