The Supply Curve
-Supply Curve is a graphic representation of the relationship between the amountswhich sellers are willing to supply the market with a particular commodity atvarious prices, other things held constant.
The Cost of Production
-The price of the inputs used in the production process. The basic factor inputs wewill discuss in this section are labor, capital, land, and enterprise.
-Deeply rooted in the basic assumptions of economics.
The production Function
-Is a technical relationship between inputs and output in a production process.
Price Elasticity of supply
-The amount of influence exerted by a change in price on a change in the quantityof goods supplied.
Market EquilibriumConcept of Equilibrium
-The process of resolving the conflict in the diverging behavior of buyers andsellers in the market is a movement toward an equilibrium.