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January 17, 2018 

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X-AXIS: In a graph, this is one of two lines that intersect at a right angle at their origins. This is the "horizontal-axis" that runs from right and left. In most analyses, the variable measured on the X-axis is consider to be the independent variable.

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Lesson 6: Supply | Unit 1: Selling Basics Page: 2 of 19

Topic: Supply Price <=PAGE BACK | PAGE NEXT=>

There's more we need to consider about supply. First the supply price.

Supply price is the minimum price that sellers would be willing and able to accept for a given quantity of a good.

  • Sellers have an lower limit on the price that they would be willing and able to accept for a good, compared to the upper limit of the demand price.
  • Sellers are willing and able to accept a higher price. In fact, they would be glad to sell a good for a billion dollars... or more.
  • The minimum supply price is based on the fact of economic life that people prefer more to less.

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TOTAL PRODUCT

The total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is based. The usual framework is to analyze total product when a variable input (labor) changes, while a fixed input (capital) does not change. Two related concepts derived from total product are average product and marginal product.

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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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