Upgrade to remove ads
Economy Chapter 5: Supply
Terms in this set (28)
Amount of a product offered for sale at all possible pricess in a market
Law of supply
principle that more will be offered for sale at high prices than at lower prices.
a table showing the quantities produced or offered for sale at each and every possible price in the market.
a graph that shows the quantities supplied at each and every possible price in the market.
Market Supply Curve
supply curve that shows the quantities offered at various prices by all firms that sell the product in a given market.
amount offered for sale at a given price; point on the supply curve.
Change in quantity supplied
change in amont offered for sale in response to a price change; movement along the supply curve.
Change in supply
Different amounts offered for asle at each and every possible price in the makret; shift of the supply curve.
government payment to encourage or protect a certain economic activity.
responsiveness of quantity supplied to a change in price.
graphic portayal showing how a change in the amount of a single variable input affects total output.
a production period so short that only variable inputs (usually labor) can be changed.
production period long enough to change amount of variable and fized inputs used in production.
total output or production by a firm.
extra output due to the addition of one more unit of input.
stages of production
phases of production that consist of increasingm decreasing, and negative returns.
stage of producion where output increases at a decreasing rate as more units of variable input are added.
costs of production that do not change with output changes.
broad catagory of fixed costs that includes interest, rent, tazes, and executive salaries.
production cost that varies a soutput changes; labor, energy, raw materials.
variable plus fixed cost; all costs associated with production.
extra cost of producing on e additional unit of production.
electronic jbusiness or exchange conducted over the internet.
production level where total cost equals total revenue; production needed if the firm is to recover its costs.
total amount earned by a firm form the sale of its products; price of goods sold times quantity sold.
extra revenue from the sale of one additional unit of output.
decision making that compares the extra cost of doing something to the estra benefits gained.
profit-mazimizing quantity of output
level of production wherre marginal cost is equal to marginal revenue.
Recommended textbook explanations
Economics: Principles in Action
Arthur O'Sullivan, Steven M. Sheffrin
Economics: Concepts and Choices
Principles of Economics
N. Gregory Mankiw
Campbell R. McConnell, Sean M. Flynn, Stanley L. Brue
Sets found in the same folder
Economy chapter 4: Microeconomics: Prices and Mark…
Economics Chapter 5 Test Review
Chapter 11 Financial Markets Test
Economy Chapter 3 Business Organization
Sets with similar terms
Economics Chapter 5
Economics Ch. 5 Supply Vocab
Microeconomics Chapter 5 Karsch, microeconomics ch…
Other sets by this creator
Ap Psych Vocab for Exam
Psychological Disorders and Therapy Vocab
Other Quizlet sets
Physics- Lecture Quiz 8- Work and Energy
RMI Nyce Exam 1
Principals of Sonography: Readings for Test #4 (pa…