economicsupplyvocab Word Scramble
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Question | Answer |
resource costs | the cost of wages and raw materials for producing a product |
alternative outputs | other products that can be produced with the same resources (pizza or pretzels) |
technology | causes an increase in supply without increasing resources |
subsidy | free money from the government to protect an certain economic activity |
producer | the person who combines resources and sells them in the market |
taxes | fee charged by the government that increases supply and raises the cost |
equilibrium | agreed upon price by the producer and the consumer; where Qs = Qd |
shortage | where Qd > Qs |
surplus | where Qs > Qd |
Law of Supply | the rule that states more will be offered to sell at higher prices than at lower prices |
Supply | The schedule of quantities offered for sale at all possible prices in the market. |
Inelastice Supply | when a change in price has little impact on Qs |
Elastic Supply | supply that is very responsive to the price |
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 |
Scarcity | the fundamental problem of Economis, satisfying unlimited wants with limited resouces |
Factors of Production | land, labor, capital, entrepreneurs |
Product Market | where goods and services are exchanged |
Resource Market | where land, labor, capital are exchanged for rent, wages, and capital |
Opportunity Cost | the cost of the next best alternative use of time, money or resources when one choice is made rather than another |
Capital goods | Goods used to produce other goods, causes economic growth |
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amaya0521
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