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INELASTIC SUPPLY: Relatively large changes in supply price cause relatively smaller changes in quantity supplied. Inelastic supply means that changes in the quantity supplied are not very responsive to changes in the supply price. An inelastic supply has a coefficient of elasticity less than one. You might want to compare inelastic supply to elastic supply, inelastic demand, and elastic demand.

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PRODUCER SURPLUS: The revenue that producers obtain from selling a good over and above the opportunity cost of production. This is the difference between the minimum supply price that sellers would be willing to accept and the price that is actually received. For most producers, under most circumstances, the supply price is less than the price received. Even competitive markets overflowing with efficiency generate an ample amount of producer surplus.

     See also | supply | supply price | opportunity cost | production | competitive market | efficiency | consumer surplus |


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PRODUCER SURPLUS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 24, 2022].


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INDUCED SAVING

Household saving that depends on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in saving. Induced saving reflects the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to save (MPS) and is reflected by the positive slope of saving line. The alternative to induced saving is autonomous saving, which does not depend on income.

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