economicsupplyvocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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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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