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ch5s3
vocab
Term | Definition |
---|---|
change in quantity supplied | increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price |
change in supply | occurs when something prompts producers to offer different amounts for sale at every price |
input costs | are the price of the resources needed to produce a good or service |
labor productivity | amount of goods and services that a person can produce in a given time |
technology | involves the application of a scientific methods and discoveries to the production process resulting in new products or new manufacturing techniques |
excise tax | a tax on the production or sale of a specified good or service |
regulation | the act of controlling business behavior through a set of rules or laws can also affect supply |