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NOMINAL GDP: The total market value, measured in current prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that nominal gross domestic product is measured in current, or actual prices; the prices buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product.

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Lesson 6: Supply | Unit 2: Law of Supply Page: 5 of 19

Topic: Definition <=PAGE BACK | PAGE NEXT=>

The law of supply is the basic principle underlying supply.

A definition:

The law of supply is a direct relationship between supply price and the quantity supplied, ceteris paribus.

  • Direct relationship means that people sell more of a good if the price is higher and less if the price is lower.
  • The law of supply is not as rigid as the law of demand. The price and the quantity supplied are not always directly related. Higher prices could cause an increase or a decrease in the quantity supplied.
Ceteris paribus is also important to the law of supply.
  • Ceteris paribus means other things remain unchanged.
  • Law of supply applies exclusively to the relationship between supply price and quantity supplied.
  • All other things that can affect supply must remain constant to avoid distorting this relationship.
  • Because supply is affected by many factors other than price, the price/quantity supply relationship can get lost when other things change.
  • Other factors that affect supply are called supply determinants.

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EXPORT SUBSIDIES

Quantity restrictions imposed by the government of one nation on imports from other nations. The primary goal of export subsidies is to reduce imports and increase domestic production. Because the quantity of imports is restricted, the price of imports increases, which thus encourages domestic consumers to buy more domestic production. Export subsidies are one of three common foreign trade policies designed to discourage imports and/or encourage exports. The other two are tariffs and export subsidies.

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