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CHANGE IN QUANTITY DEMANDED: The movement along a demand curve caused by a change in the price of the good. This should be contrasted directly with a change in demand. You might also want to review the terms change in quantity supplied and change in supply, as well. A change in quantity demanded means that we have identified a NEW quantity on the existing demand curve. In contrast, a change in demand means that we have changed, moved, or shifted, the entire demand curve, the whole range of prices and quantities has changed.

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SUPPLY: The willingness and ability to sell a range of quantities of a good at a range of prices, during a given time period. Supply is one half of the market exchange process; the other is demand. This supply side of the market is directly connected to the limited resources dimension of the scarcity problem. Folks who have ownership and control over resources (labor, capital, land, and entrepreneurship) use them to produce the goods and services that satisfy other's wants and needs. Ownership and control of resources is the ultimate source of supply.

     See also | price | supply price | quantity supplied | market | exchange | demand | unlimited wants and needs | scarcity | satisfaction | income | supply curve | supply shock | supply determinants | supply space |


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SUPPLY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2015. [Accessed: March 30, 2015].


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PRODUCTION COST

The opportunity cost of using labor, capital, land, and entrepreneurship in the production of goods and services. The price received by a seller must be high enough to cover production cost. The law of supply is based on the proposition that production cost increases with an increase in the quantity produced and supplied.

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