Change in Quantity Supplied, A movement along the supply curve caused by a change in price., Change in Supply, A shift of the supply curve caused by factors other than price., Input Costs, The prices of the resources used to produce a good or service., Labor Productivity, The amount of goods and services a worker can produce in a given time period., Technology, The use of innovation to improve production., Elasticity of Supply, A measure of how responsive producers are to changes in price., Excise Tax, A tax on the production or sale of a specific good or service., Subsidy, A government payment that helps cover the cost of producing a good or service., Regulation, Government rules or laws that control business behavior., Producer Expectations, Beliefs about future prices that influence how much producers supply now., Number of Producers, The total sellers in a market, Decrease, A leftward shift of the supply curve, Increase, A rightward shift of the supply curve, Capital, Tools, equipment, and machinery used in production., Competition, The rivalry among producers that influences entry into and exit from markets., Efficiency, Producing goods at the lowest possible cost., Break-even, When total revenue equals total cost., Market Research, The study of supply and demand conditions before producing., Inventory, Goods held in storage for future sale., Profit Motive, The drive to earn as much profit as possible.

Econ 2.2

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