Law of Supply: rule that states that a producer will provide more products when prices are high, than what he will offer when profits are low. When prices are high, producers will be more prone to offer more products in a hope for a greater profit.
Supply Schedule: a table that lists the quantity supplied at all possible prices in the market. Unlike demand, when the prices are high, the supply is also high.
Supply Curve: it is a representation of the supply schedule in the form of a graph that also shows the quantity supplied at all possible prices in the market at any time. Its curve is normally positive, from the lower left hand corner to the upper right hand corner of the graph.
Change in Supply: it is a change in the quantity that a producer offers due to a change in the price. Producers will vary the quantity supplied depending on the prices in the market; and the interaction of supply and demand will set the prices of products.
