PES

• Conditions of supply

  Factors other than price that lead to changes in supply
• Formula

  % change in supply/% change in price
• Producer surplus

  Difference between the market price firms receive and the price they are prepared to supply
• Supply

  The quantity of goods that suppliers are willing to sell at any price over a period of time
• Law of Supply

  as the price increases, the quantity supplied increases, vice versa