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economics chapter 5
vocab
| 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 than at lower prices |
| supply schedule | a table showing how much a producer will supply at all possible prices |
| supply curve | a graph that shows the different amounts of a product supplied over a range of possible prices |
| market supply curve | a graph that shows the various amounts offered by all firms over a range of possible prices |
| quantity supplied | amount offered for sale at a given price |
| change in quantity supplied | change in amount offered for sale when the prices change |
| change in supply | situation where different amounts are offered for sale at all possible prices in the market; shift of the supply curve |
| subsidy | government payment to encourage or protect a certain economic activity |
| supply elasticity | a measure of how the quantity supplied responds to a change in price |
| production function | a graph showing how a change in the amount of a single variable input changes total output |
| short run | production period so short that only the variable inputs (usually labor) can be changed |
| long run | production period long enough to change the amounts of all inputs |
| total product | total output or production by a firm |
| marginal product | extra output due to the addition of one or more unit of input |
| stages of production | phases of production that consist of increasing, decreasing, and negative marginal returns |
| diminishing returns | stage where output increases at a decreasing rate as more units of variable input are added |
| fixed costs | costs that remain the same regardless of level of production or services offered |
| overhead | broad category of fixed costs that include rent, taxes, and executive salaries |
| variable costs | production costs that change when production levels change |
| e-commerce | electronic business conducted over the internet |
| break-even point | production level where total cost equals total revenue |
| total revenue | total amount earned by a firm from the sale of its products |
| marginal revenue | extra revenue from the sale of one additional unit of output |
| marginal analysis | decision making that compares the extra costs of doing something to the extra benefits gained |
| profit maximizing quantity of output | level of production where marginal costs is equal to marginal revenue |
Created by:
cruz14
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