economicsupplyvocab
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each of the black spaces below before clicking
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| resource costs | the cost of wages and raw materials for producing a product
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| alternative outputs | other products that can be produced with the same resources (pizza or pretzels)
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| technology | causes an increase in supply without increasing resources
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| subsidy | free money from the government to protect an certain economic activity
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| producer | the person who combines resources and sells them in the market
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| taxes | fee charged by the government that increases supply and raises the cost
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| equilibrium | agreed upon price by the producer and the consumer; where Qs = Qd
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| shortage | where Qd > Qs
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| surplus | where Qs > Qd
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| Law of Supply | the rule that states more will be offered to sell at higher prices than at lower prices
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| Supply | The schedule of quantities offered for sale at all possible prices in the market.
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| Inelastice Supply | when a change in price has little impact on Qs
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| Elastic Supply | supply that is very responsive to the price
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| Law of Diminishing Returns | As more units of a certain variable input are added to a constant amount of other resources total output keeps rising but only a diminishing rate
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| Scarcity | the fundamental problem of Economis, satisfying unlimited wants with limited resouces
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| Factors of Production | land, labor, capital, entrepreneurs
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| Product Market | where goods and services are exchanged
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| Resource Market | where land, labor, capital are exchanged for rent, wages, and capital
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| Opportunity Cost | the cost of the next best alternative use of time, money or resources when one choice is made rather than another
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| Capital goods | Goods used to produce other goods, causes economic growth
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