Law of Supply: states producers supply more goods and services when they can seel them at higher prices, and fewer goods and services when they must sell them at lower prices.
Supply: quantity of goods and services that producers are willing to offer at various possible prices during a given time period
Quantity Supplied: amount of a good or service that a producer is willing to sell at each particular price
Profit: amount of money remaining after producers have paid all of their costs
Costs of Production: the total cost of materials, labor, and other inputs required in the manufacture of a product
Supply Schedule: a table that lists each quantity of a product that producers are willing to supply at various prices
Supply Curve: a graphic representation of a supply schedule, showing the relationship between the price of an item and the quantity supplied during a given time period, with all other things being equal.
Elasticity of Supply: the degree to which price changes affect the quantity supplied
Elastic Supply: a small change in price causes a major change in quantity supplied
Inelastic Supply: a change in a good's price has little impact on the quantity supplied
Determinant of Supply: a nonprice factor that influences the available supply of a good or service
Tax: a required payment of money to the government to help fund government services.
Subsidies: payments to private businesses by the government.
Regulations: rules about how companies conduct business.
Total Product: all of the product a company makes in a given period of time with a given amount of input.
Marginal Product: the change in output generated by adding one more unit of input.
Law of diminshing ruturns: this law describes the effect that varying the level of an input has on total and marginal product.
Fixed Cost: Production costs that do not change as the level of output changes.
Depreciation: lessening in value
Overhead: the companies total fixed costs.
Variable Costs: change as the level of output changes.
Total Costs: the sum of the fixed and variable production costs.
Marginal Costs: the additional costs of producing one more unit of output.

Elastic Supply
Products with elastic supply usually can be made quickly, inexpensively, and with a few readily available resources.

Inelastic Supply
Products with inelastic supply require an abundance of time, money, and resources that are not easily accessible/available.

Determinants of Supply include:
-prices of resources
-government tools
-prices of related goods
-producer expectations
These factors can impact supply either negatively or positively.

Costs of Production
-helps a manufacturer determine how much to supply to the market
-costs are any goods or services used to make a product
costs categories
-fixed costs (examples: rent, interest on loans, property insurance premiums, salaries, and local and state property taxes)
-variable costs (ex.: raw materials and wages)
-total costs ( fixed and variable added together)
-marginal costs- allow business to determine the profibility of increasing or decreasing production by a few units

Connection to everyday life:
example of real world supply and demand fluctuation : nickel supply and demand