Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| principle that suppliers will normally offer more for sale at a higher price and less for a lower price | Law of Supply
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| amount of product that would be offered for sale at all possible prices that would prevail in the market | Supply
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| government payment to individual, business, or other | Subsidy
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| graph showing the various quantities supplied at each and every price that might prevail in the market | Supply Curve
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| measure of way in which quantity supplied responds to change in price | Supply Elasticity
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| deals with factors between factors of production and output of goods and services | Theory of Production
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| relationship between changes in output to different amounts of singular input while other inputs are held constant | Production Function
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| unprocessed natural products used in production | Raw Materials
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| output increases at diminishing rate as more units of a variable input are added | Principle of Diminishing Returns
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| cost that a business incurs even if the plant is idle and output is zero | Fixed Income
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| total fixed cost/ remains the same | Overhead
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| cost that changes when the business rate of operation or output changes | Variable Cost
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| extra cost incurred when a business produces one additional unit of a product | Marginal Cost
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| electronic business or exchange conducted over the Internet | E-Commerce
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| number of units sold multiplied by the average price per unit | Total Revenue
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| extra revenue associated with the production and sale of one additional unit of output | Marginal Revenue
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| total output or total product the business needs to sell in order to cover its total costs | Break-Even Points
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Created by:
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