| A | B |
|---|
| Elasticity | a measure of responsiveness between price and quantity |
| demand elasticity | extent in which a change in price casues a change in demand |
| Elastic | when a change causes a relatively LARGE shift |
| Inelastic | when a change causes a relatively SMALL shift |
| unit elastic | When a change causes a PROPORTIONAL shift |
| supply elasticity | extent in which a change in demand produces a change in quantity supplied |
| Supply | amount of a product that will be offered for sale at all possible prices |
| Law of Supply | Price and Quantity have a DIRECT relationship |
| Supply Schedule | listing of various quantities of a particular product supplied at all possible prices of the market |
| Supply Curve | graph showing various quantities at all prices |
| Market Supply | Total supplied by ALL firms in the market |
| Quanitity Supplied | Amount producers bring to market at any given price |
| Change in Supply | When firms offer different amounts of a product at one price |
