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Study sets matching "economics chapter 5"

25 terms
Economics Chapter 5 Supply
supply
law of supply
supply schedule
market supply schedule
the desire and ability to produce and sell a product
states that when prices decrease, quantity supplied decreases…
lists how much of a good or service an individual producer is…
lists how much of a good or service all producers in a market…
supply
the desire and ability to produce and sell a product
law of supply
states that when prices decrease, quantity supplied decreases…
25 terms
Economics Chapter 5 Supply
supply
law of supply
supply schedule
market supply schedule
the desire and ability to produce and sell a product
states that when prices decrease, quantity supplied decreases…
lists how much of a good or service an individual producer is…
lists how much of a good or service all producers in a market…
supply
the desire and ability to produce and sell a product
law of supply
states that when prices decrease, quantity supplied decreases…
25 terms
Economics Chapter 5 Supply
supply
law of supply
supply schedule
market supply schedule
the desire and ability to produce and sell a product
states that when prices decrease, quantity supplied decreases…
lists how much of a good or service an individual producer is…
lists how much of a good or service all producers in a market…
supply
the desire and ability to produce and sell a product
law of supply
states that when prices decrease, quantity supplied decreases…
32 terms
Economics Chapter 5
supply
law of supply
supply schedule
fixed cost
the different amounts offered for sale at each possible price…
principle that more will be offered for sale at higher prices…
chart showing the quantities offered for sale at each possibl…
cost of production that do not change when output changes... pro…
supply
the different amounts offered for sale at each possible price…
law of supply
principle that more will be offered for sale at higher prices…
41 terms
Economics Chapter 5 Vocab
Supply
Law of Supply
Supply Schedule
Supply Curve
amount of product a producer or seller would be willing to of…
principle that more will be offered for sale at higher prices…
a table showing the quantities that would be produced or offe…
a graph that shows the quantities supplied at each and every…
Supply
amount of product a producer or seller would be willing to of…
Law of Supply
principle that more will be offered for sale at higher prices…
25 terms
Economics Chapter 5 Supply
supply
law of supply
supply schedule
market supply schedule
the desire and ability to produce and sell a product
states that when prices decrease, quantity supplied decreases…
lists how much of a good or service an individual producer is…
lists how much of a good or service all producers in a market…
supply
the desire and ability to produce and sell a product
law of supply
states that when prices decrease, quantity supplied decreases…
25 terms
Economics Chapter 5 Supply
supply
law of supply
supply schedule
market supply schedule
the desire and ability to produce and sell a product
states that when prices decrease, quantity supplied decreases…
lists how much of a good or service an individual producer is…
lists how much of a good or service all producers in a market…
supply
the desire and ability to produce and sell a product
law of supply
states that when prices decrease, quantity supplied decreases…
25 terms
Economics Chapter 5 Supply
supply
law of supply
supply schedule
market supply schedule
the desire and ability to produce and sell a product
states that when prices decrease, quantity supplied decreases…
lists how much of a good or service an individual producer is…
lists how much of a good or service all producers in a market…
supply
the desire and ability to produce and sell a product
law of supply
states that when prices decrease, quantity supplied decreases…
24 terms
Economics Chapter 5 Supply
supply
law of supply
supply schedule
market supply schedule
the desire and ability to produce and sell a product
states that when prices decrease, quantity supplied decreases…
lists how much of a good or service an individual producer is…
lists how much of a good or service all producers in a market…
supply
the desire and ability to produce and sell a product
law of supply
states that when prices decrease, quantity supplied decreases…
16 terms
Economics: Chapter 5
supply curve
elasticity of supply
movement along a supply curve
shift of supply curve
a curve, or line, showing the quantities of a particular good…
a measure of the responsiveness of quantity supplied to a pri…
change in quantity supplied resulting from a change in the pr…
increase or decrease in supply resulting from a change in one…
supply curve
a curve, or line, showing the quantities of a particular good…
elasticity of supply
a measure of the responsiveness of quantity supplied to a pri…
24 terms
Economics Chapter 5
supply
law of supply
supply sechedule
market supply schedule
the desire and ability to produce and sell a product
states that when prices decrease, quantity supplied decreases…
lists how much of a good or service an individual producer is…
lists how much of a good or service all producers in a market…
supply
the desire and ability to produce and sell a product
law of supply
states that when prices decrease, quantity supplied decreases…
42 terms
Economics Chapter 5: Supply Combo
Demand
Supply
Producer
Law of Supply
Is the willingness to buy a good or service and the ability t…
Is the willingness and ability of producers to offer goods an…
Anyone who provides goods or services.
States that producers are willing to sell more of a good or s…
Demand
Is the willingness to buy a good or service and the ability t…
Supply
Is the willingness and ability of producers to offer goods an…
8 terms
Chapter 5 (Economics) Vocabulary
currency
costs
benefits
scarcity
the form of money that people in a country use
negative results
positive results
a lack of goods or services
currency
the form of money that people in a country use
costs
negative results
18 terms
Economics Chapter 5 & 6 Vocabulary
Substitute Good
Rationing
Black Market
Law of Supply
A product that satisfies the same basic want as another
Controlled distribution
An illegal market set up because of government intervention i…
As price increases, quantity supplied increases
Substitute Good
A product that satisfies the same basic want as another
Rationing
Controlled distribution
13 terms
Economics - Chapter 5
supply
law of supply
supply schedule
supply curve
the amount of goods available
producers offer more of a good as its price increases and les…
a chart that lists how much of a good a supplier will offer a…
a graph of the quantity supplied of a good at various prices
supply
the amount of goods available
law of supply
producers offer more of a good as its price increases and les…
9 terms
Economics - Chapter 5
Supply
Law of Supply
Market Supply Schedule
Market Supply Curves
The amounts of goods available
The higher the price, the larger the quantity (supply) produc…
A chart that lists how much of a good all suppliers will offe…
A graph of the quantity supplied of a good by all suppliers a…
Supply
The amounts of goods available
Law of Supply
The higher the price, the larger the quantity (supply) produc…
25 terms
Economics Chapter 5 Supply
supply
law of supply
supply schedule
market supply schedule
the desire and ability to produce and sell a product
states that when prices decrease, quantity supplied decreases…
lists how much of a good or service an individual producer is…
lists how much of a good or service all producers in a market…
supply
the desire and ability to produce and sell a product
law of supply
states that when prices decrease, quantity supplied decreases…
18 terms
Economics Chapter 5 Supply
supply
law of supply
supply schedule
supply curve
the desire and ability to produce and sell a product
states that when prices decrease, quantity supplied decreases…
lists how much of a good or service an individual producer is…
shows the data from a supply schedule in a graph form
supply
the desire and ability to produce and sell a product
law of supply
states that when prices decrease, quantity supplied decreases…
25 terms
Economics Chapter 5 Supply
supply
law of supply
supply schedule
market supply schedule
the desire and ability to produce and sell a product
states that when prices decrease, quantity supplied decreases…
lists how much of a good or service an individual producer is…
lists how much of a good or service all producers in a market…
supply
the desire and ability to produce and sell a product
law of supply
states that when prices decrease, quantity supplied decreases…
Chapter 5 Economics
Private
Command
Revenue
Competition
When a nation's resources are controlled mainly by this secto…
A store that is able to stay open even though it has little s…
Profit is the excess of total _______ over total expenses.
In a free market economy ____ keeps consumer prices low.
Private
When a nation's resources are controlled mainly by this secto…
Command
A store that is able to stay open even though it has little s…
19 terms
Chapter 5: Economics 2100
Elasticity
Inelastic Demand
Elastic Demand
Perfectly Inelastic Graph
Measure of how much customers respond to price changes
Consumers change their quantity demanded by a little when pri…
Consumer change their Qd by a lot when the price changes
Elasticity
Measure of how much customers respond to price changes
Inelastic Demand
Consumers change their quantity demanded by a little when pri…
20 terms
Economics Chapter 5
supply
law of supply
quantity supplied
supply schedule
the amount of goods available
tendency of suppliers of offer more of a good at a higher price
the amount a supplier is willing and able to supply at a cert…
a chart that lists how much of a good a supplier will offer a…
supply
the amount of goods available
law of supply
tendency of suppliers of offer more of a good at a higher price
21 terms
Chapter 5 Economics terms
Supply
Law of supply
Quantity supplied
Supply schedule
the amount of goods available
tendency of suppliers to offer more of a good at a higher price
the amount a supplier is willing and able to supply at a cert…
a chart that lists how much of a good a supplier will offer a…
Supply
the amount of goods available
Law of supply
tendency of suppliers to offer more of a good at a higher price
25 terms
Economics Chapter 5: Supply
supply
law of supply
supply schedule
market supply schedule
n. the willingness and ability of a producer to produce and s…
n. states that producers are willing to sell more of a good o…
n. a table that shows how much of a good or service an indivi…
n. how much of a good or service all producers in a market ar…
supply
n. the willingness and ability of a producer to produce and s…
law of supply
n. states that producers are willing to sell more of a good o…
14 terms
Economics Chapter 5 Vocabulary
supply
law of supply
supply curve
elasticity of supply
the amount of goods available.
tendency of suppliers to offer more of a good at a higher pri…
a graph of the quantity supplied of a good at different prices.
a measure of the way quantity supplied reacts to a change in…
supply
the amount of goods available.
law of supply
tendency of suppliers to offer more of a good at a higher pri…
25 terms
Economics - Chapter 5
Define Law of Supply
Define Market Supply Schedule
What factors cause a change in supply?…
inelastic
suppliers will offer more of a good at a higher price and sup…
list supply of a good offered at different prices
- intervention by government... - number of sellers... - supply sho…
supply is not very responsive to changes in price
Define Law of Supply
suppliers will offer more of a good at a higher price and sup…
Define Market Supply Schedule
list supply of a good offered at different prices
16 terms
Chapter 5 - Economics
Supply
Supply Schedule
Supply Curve
Marginal Product
The willingness and ability of producers to offer goods and s…
A table that shows how much of a good or service and individu…
A graph that shows how much of a good or service an individua…
The change in total product that results from hiring one more…
Supply
The willingness and ability of producers to offer goods and s…
Supply Schedule
A table that shows how much of a good or service and individu…
22 terms
Economics Chapter 5
supply
law of supply
quantity supplied
supply schedule
the amount of goods available
producers offer more of a good as its price increases and les…
the amount a supplier is willing and able to supply at a cert…
a chart that lists how much of a good a supplier will offer a…
supply
the amount of goods available
law of supply
producers offer more of a good as its price increases and les…
25 terms
Economics Chapter 5: Supply
supply
law of supply
supply schedule
market supply schedule
n. the willingness and ability of a producer to produce and s…
n. states that producers are willing to sell more of a good o…
n. a table that shows how much of a good or service an indivi…
n. how much of a good or service all producers in a market ar…
supply
n. the willingness and ability of a producer to produce and s…
law of supply
n. states that producers are willing to sell more of a good o…
24 terms
Chapter 5 Vocabulary Study Guide Economics
Law of Supply
Change in Quantity Supplied
Change in Supply
Diminishing Returns
States... that producers are willing to sell more of a good or s…
An increase or decrease in the amount of a good or service th…
A situation in which a change in the marketplace prompts prod…
As each new worker causes total output to GROW but at a DECRE…
Law of Supply
States... that producers are willing to sell more of a good or s…
Change in Quantity Supplied
An increase or decrease in the amount of a good or service th…
22 terms
Economics Chapter 5
supply
law of supply
quantity supplied
supply schedule
the amount of goods available
producers offer more of a good as its price increases and les…
the amount that a supplier is willing and able to supply at a…
a chart that lists how much of a good a supplier will offer a…
supply
the amount of goods available
law of supply
producers offer more of a good as its price increases and les…
10 terms
Chapter 5 Economics
Law of Supply
Increasing Marginal Returns
Diminishing marginal Returns
Fixed Costs
Tendency of suppliers to offer more of a good at a higher price
A level of production in which the marginal product of labor…
A level of production in which the marginal product of labor…
A cost that does not change, no matter how much of a good is…
Law of Supply
Tendency of suppliers to offer more of a good at a higher price
Increasing Marginal Returns
A level of production in which the marginal product of labor…
28 terms
Economics MGH Chapter 5
supply
Law of Supply
supply schedule
supply curve
amount of a product offered for sale at all possible prices
principle that more will be offered for sale at higher prices…
a table showing how much a producer will produce at all possi…
a graph that shows the different amounts of a product supplie…
supply
amount of a product offered for sale at all possible prices
Law of Supply
principle that more will be offered for sale at higher prices…
31 terms
Economics Vocabulary Chapter 5
Supply Curve
Market Supply Curve
Quantities Supplied
Change in Quantity Supplied
graphical representation of the quantities produced at each a…
supple curve that shows the quantities offered at various pri…
amount offered for sale at a given price; point on the supply…
change in amount offered for sale in response to a price chan…
Supply Curve
graphical representation of the quantities produced at each a…
Market Supply Curve
supple curve that shows the quantities offered at various pri…
16 terms
Economic Chapter 5
supply
total product
Subsidy
Diminishing Returns
amount offered for sale at all prices
all of the output produced by a firm
government payment to protect or encourage economic activity.
stage where increasing inputs causes output to increase at a…
supply
amount offered for sale at all prices
total product
all of the output produced by a firm
17 terms
Economics Chapter 5
Law of Supply
Supply Schedule
Variable
Supply Curve
Tendency of suppliers to offer more of a good at a higher price
A chart that lists how much of a good a supplier will offer a…
A factor that can change
A graph of the quantity supplied of a good a different prices
Law of Supply
Tendency of suppliers to offer more of a good at a higher price
Supply Schedule
A chart that lists how much of a good a supplier will offer a…
40 terms
Economics Chapter 5 Supply
Quickly, inexpensively (cheaply), and…
Shift Right
Decrease
Supply Schedule
A good has elastic supply if it can be made ________.
If the price of raw materials goes down the supply curve will…
If the costs of raw materials rise, supply will ________.
A list that shows the relationship between the price of a goo…
Quickly, inexpensively (cheaply), and…
A good has elastic supply if it can be made ________.
Shift Right
If the price of raw materials goes down the supply curve will…
32 terms
Clark Economics Chapter 5
theory of production
short run
long run
law of variable proportions
deals with the relationship between the factors of production…
production period that allows changes only in variable inputs
length of production period that allows all inputs to vary, i…
output will change as one input is varied while the others ar…
theory of production
deals with the relationship between the factors of production…
short run
production period that allows changes only in variable inputs
34 terms
Economics/Chapter 5 Terms
change in demand
change in quantity demanded
change in quantity supplied
change in supply
an increase or decrease in demand (the quantity of a good or…
an increase or decrease in quantity demanded (the amount of a…
an increase or decrease in quantity supplied (the quantity of…
an increase or decrease in supply (the quantity of a good or…
change in demand
an increase or decrease in demand (the quantity of a good or…
change in quantity demanded
an increase or decrease in quantity demanded (the amount of a…
29 terms
Economics Chapter 5 Review
inelastic supply
the greatest factor of influence on th…
elastic supply
variable cost
exists when a change in a good's price has little impact on t…
time (how quickly can we produce?)
When a change in price causes a larger change in the quantity…
a cost that rises or falls depending on how much is produced…
inelastic supply
exists when a change in a good's price has little impact on t…
the greatest factor of influence on th…
time (how quickly can we produce?)
11 terms
Economics Chapter 5
club warehouse store
convenience store
private-label products
durability
store that carries a limited number of brands and items in la…
store open 16 to 24 hours a day that carries a limited select…
lower-priced store-brand products carried by some supermarket…
ability of an item to last a long time
club warehouse store
store that carries a limited number of brands and items in la…
convenience store
store open 16 to 24 hours a day that carries a limited select…
11 terms
Holt Economics - Chapter 5
market failure
externalities
public good
market equilibrium
This is what limitations of the price system are referred to,…
These are side effects and can be either negative or positive.
This is any good or service that is consumed by all members o…
This is a situation that occurs when the quantity supplied an…
market failure
This is what limitations of the price system are referred to,…
externalities
These are side effects and can be either negative or positive.
21 terms
Economics Chapter 5
supply
law of supply
quantity supplied
supply schedule
the amount of goods available
Tendency of suppliers to offer more of a good at a higher price
the amount a supplier is willing and able to supply at a cert…
a chart that lists how much of a good a supplier will offer a…
supply
the amount of goods available
law of supply
Tendency of suppliers to offer more of a good at a higher price
9 terms
Economics Chapter 5
supply
law of supply
quantity supplied
supply schedule
the amount of goods available
tendency of suppliers of offer more of a good at a higher price
the amount a supplier is willing and able to supply at a cert…
a chart that lists how much of a good a supplier will offer a…
supply
the amount of goods available
law of supply
tendency of suppliers of offer more of a good at a higher price
13 terms
Managerial Economics - Chapter 5
Elasticity
Endogenous Variables
Exogenous Variables
Point Elasticity
Percentage change in a dependent variable resulting from a 1-…
Factors controlled by the firm
Factors outside the control of the firm
Elasticity at a given point on a function
Elasticity
Percentage change in a dependent variable resulting from a 1-…
Endogenous Variables
Factors controlled by the firm
11 terms
Economics Chapter 5 Vocabulary
club warehouse store
convenience store
private-labeled products
durability
store that carries a limited number of brands and items in la…
store open 16 to 24 hours a day, carrying a limited selection…
lower-priced store-brand products carried by some supermarket…
ability of an item to last a long time
club warehouse store
store that carries a limited number of brands and items in la…
convenience store
store open 16 to 24 hours a day, carrying a limited selection…
21 terms
Economics- Chapter 5
Rational Decision Making
Risk and Return
Investments
Diversification
Logical decision making process used to make the best economi…
The higher the risk the higher potential of return BUT also h…
Funds put aside to prepare for the future.
Spreading out investments to reduce risk.
Rational Decision Making
Logical decision making process used to make the best economi…
Risk and Return
The higher the risk the higher potential of return BUT also h…
19 terms
Economics - Chapter 5 vocab
supply
law of supply
supply schedule
variable
amount of goods available
tendency of suppliers to offer more of a good at a higher price
chart that lists how much of a good a supplier will offer at…
factor that can change
supply
amount of goods available
law of supply
tendency of suppliers to offer more of a good at a higher price
18 terms
Economics Chapter 5 Review
Government intervention in a market th…
payment to the government on the produ…
a condition of rising prices
a government payment that supports a b…
regulation
excise tax
inflation
subsidy
Government intervention in a market th…
regulation
payment to the government on the produ…
excise tax
22 terms
Chapter 5 Economics
Supply
Law of Supply
Quantity Supplied
Supply Schedule
the amount of goods available
producers offer more of a good as its price increases and les…
the amount of a good as its price increases and less as it fa…
a chart that lists how much of a good a supplier will offer a…
Supply
the amount of goods available
Law of Supply
producers offer more of a good as its price increases and les…
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