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Econ Chapter 5 Vocab

Supply

TermDefinition
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 price changes
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 of one more unit of input
Stages of Production phases of production that consists 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 includes rent, taxes, and executive salaries
Variable Costs production costs that change when production levels change
Total Cost the sum of fixed costs and variable costs
Marginal Cost extra cost of producing one additional unit of production
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 an output
Marginal Analysis decision making that compares extra costs of doing something to extra benefits gained
Profit-Maximizing Quantity of Output level of production where marginal cost is equal to marginal revenue
Created by: Damma15724
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