Share This Article:

Economic Definition of change in supply. Defined.

Offline Version: PDF

Term change in supply Definition: A shift of the supply curve caused by a change in one of the supply determinants. In essence, a change in supply is caused by any factor affecting supply EXCEPT price. This concept should be contrasted directly with a change in quantity supplied. You should also review the terms change in quantity demanded and change in demand, too. A change in supply is a change in ALL supply price-quantity supplied pairs, meaning that each price is matched up with a different quantity (which is illustrated as a shift of the supply curve). And this change in supply is caused by a change in any of the supply determinants. In contrast, a change in quantity supplied is a change from one price-quantity pair to the another (which is illustrated as a movement along a given supply curve).

 

« change in real production | check clearing »

Permalink: http://glossary.econguru.com/economic-term/change+in+supply

Alphabetical Reference to Over 2,000 Economic Terms