IDENTIFICATION

_____ 1. This refers to the determinant of supply that is characterized by the invention of mechanical and electronic machines which can reduce the amount of labor necessary to make a certain product.

_____ 2. This refers to a table that shows the relationship between the price of a good and the quantity supplied.

_____ 3. This refers to the higher the price, the larger the quantity supplied, and all other things held constant.

_____ 4. This refers to the amount of a good or service that sellers are willing and able to sell.

_____ 5. This is a graph that represents the relationship between the price and the quantity supplied.

_____ 6. Subsidies, suspension of tariffs and quotas are among the examples of this determinant of supply.

_____ 7. This non-supply factor can cause producers to reallocate resources to produce larger quantities of the more profitable good.

_____ 8. This non-supply factor is characterized by the cost of resources used to produce a certain good.

_____ 9. This refers to the normal slope of supply curve.

_____ 10. This is the result of the changes in other relevant factors in supply.

_____ 11. The willingness and ability of the buyer to pay a sum of money for goods and services.

_____ 12. It is a graphical illustration of the demand schedule.

_____ 13. The quantity of a good that will be offered for a sale by the seller at a given price.

_____ 14. There is equal demand and supply.

_____ 15. A place where buyers and sellers meet.

_____ 16. The quantity of any good which buyers are ready to purchase varies inversely with the price of the goods.

_____ 17. Referring to goods that compete with each other.

_____ 18. The quantity of goods offered for sale at a given market at a particular time varies directly with the price.

_____ 19. It refers to goods, which have no utility but are combined with another product.

_____ 20. The intersection between the demand and supply curve.

_____21. It refers to anything used as an aid in the further production of goods and services.

_____ 22. It varies from one point to another; the downward movement of the slope indicates the price of goods and services decreases.

_____ 23. An upward movement that indicates the increase in the price of goods and services.

_____ 24. Goods that are related tend to influence each other's demand.

_____ 25. It is the study of economics which deals with the behavior and activities of individuals in specific units such as entrepreneurs, firms, manufactures as well as consumers.

II.

1. Explain why the supply curve is positively sloped. What is the relationship between price and quantity supplied?

2. Discuss the concept of the supply schedule and curve.