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Shifts in Supply

Shifts in Supply

Author: Colton Cranston

This lesson covers shifts in supply.

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Notes on "Shifts in Supply"

Key Terms

  • Law of Supply
  • If the price of a good decreases, the quantity supplied decreases.
  • Substitutes (production and consumption)
  • As the price one good increases, the demand for an alternative good meeting the same producer or consumer need, increases.
  • Complements (production and consumption)
  • A good for which the demand increases as the price of an associated good decreases.
  • Movement Along Supply Curve
  • Movement caused by a change in price, assuming all other variables are held constant.
  • Shift in Supply
  • Changes other than the price of the good itself that affect production decisions for a particular good.