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Supply
various quantities of a good or service that producers are willing and able to sell at different prices during a specific time period, ceteris paribus (all othe
Indirect Taxes
taxes imposed on goods and services rather than on income or profits, which increase the cost of production.
Subsidy
a payment made by the government to producers to lower their costs and encourage more production.
Joint Supply
when the production of one good also produces another good as a by-product.
Competitive Supply
a situation where two or more goods can be produced using same resources, and producing more of one means producing less of the other.
Non-price Determinants of Supply
factors other than price that affect how much of a product producers are willing to supply, causing shifts in the supply curve.
Market Supply
total supply of a good or service by all producers in the market.
Law of Supply
positive relationship between good's price and quantity supplied. as price increases, quantity supplied also increases, ceteris paribus.
Supply Curve
graphically represents relationship between price of a good and quantity of the good supplied, ceteris paribus.
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