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5-3 Vocabulary jw
| Question | Answer |
|---|---|
| A rise or fall in the amount producers offer for sale because of a change in price. | Change in quantity supplied |
| Occurs when a change in the marketplace prompts producers to sell different amounts at every price. | Change in supply |
| the price of the resources used to make products. | Input costs |
| Factors of production that are required to produce goods and/or services. | Input |
| The amount of goods and services that a person can produce in a given time. | labor productivity |
| Entails applying scientific methods and innovations to production. | Technology |
| A tax on the making or selling certain goods or services. | Excise tax |
| A set of rules or laws designed to control business behavior. | regulation |
| What six factors affect supply? | Input costs, labor productivity, technology, government regulation, producer expectations, number of producers |
Created by:
joannw15
on 2011-07-18