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Shifts in Supply

Shifts in Supply

Author: Dan Laub
Description:
This lesson covers shifts in supply.
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Notes for "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.