offering goods and services for sale
Law of supply
Tendency of suppliers to offer more of a good at a higher price
a table that shows the relationship between the price of a good and the quantity supplied
a curve that shows the relationship between the price of a product and the quantity of the product supplied.
the amount of a particular product that a firm would be willing and able to offer for sale at a particular price during a given time period.
Change in supply
A change in the quantity supplied of a good or service at every price; a shift of the supply curve to the left or right.
demands and support by individuals and groups upon the policymaking process of government
the synthesis of new organic material. That done by green plants using solar energy is called primary productivity., (economics) the ratio of the quantity and quality of units produced to the labor per unit of time
the application of scientific research to society's needs and problems
A money payment or other form of aid that the government gives to a person or organization.
money the government collects to pay for its services
a measure of how the quantity supplied of a good or service changes in response to changes in price
Law of variable proportions
states that, in the short run, output will change as one input is varied while the others are held constant.
A concept that describes the relationship between changes in output to different amounts of a single input while other inputs are held constant.
natural resources such as farm products, coal, copper, or lumber which become part of a final product
all the goods and services produced by a business during a given period of time with a given amount of input
the additional output that can be produced by adding one more unit of a specific input, ceteris paribus.
the stage where output increases at a diminishing rate as more units of a variable input are added
A cost that varies, in total, in direct proportion to changes in the level of activity. A variable cost is constant per unit.
A cost that remains constant, in total, regardless of changes in the level of activity within the relevant range. If a fixed cost is expressed on a per unit basis, it varies inversely with the level of activity.
explicit payments to the factors of production plus the opportunity cost of the factors provided by the owners of the firm
The total amount of money a business takes in during a given period by selling goods and services.
the comparison of marginal ("extra" or "additional") benefits and marginal costs, usually for decision making