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