Supply: The amount of goods available.
Law of Supply: Tendency of suppliers to offer more of a good at a higher price.
Quantity Supplied: The amount a supplier is willing and is able to supply at a certain price.
Supply Schedule: A chart that lists how much of a good a supplier will offer at different prices.
Variable: A factor that can change.
Market Supply Schedule: A chart that lists how much of a good all suppliers will offer at a different price.
Supply Curve: A graph of the quantity supplied of a good at different prices.
Market Supply Curve: A graph of the quantity supplied of a good by all suppliers at different prices.
Elasticity of Supply: A measure of the way quantity supplied reacts to a change in price.
Marginal Product of Labor: The change in output from hiring one additional unit of labor.
Increasing Marginal Returns: A level of production in which the marginal product of labor increases as the number of workers increase.
Diminishing Marginal Returns: A level of production in which the marginal product of labor decreases as a result of the number of workers increasing.
Fixed Cost: A cost that does not change, no matter how much of a good is produced.
Variable Cost: A cost that rises or falls depending on how much is produced.
Total Cost: Fixed cost plus the variable cost.
Marginal Cost: The cost of producing one more unit of a good.
Marginal Revenue: The additional income from selling one more unit of a good; sometimes equal to price.
Operating Cost: The cost of operating a facility, such as a store or a factory.
Subsidy: A government payment that supports a business or market.
Excise Tax: A tax on the production or sale of a good.
Regulation: Government intervention in a market that affects the production of a good.