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Chapter 4
Chapter 4 Supply Vocabulary
| Question | Answer |
|---|---|
| amount of good/service that producers are willing to sell at various prices at given times | Supply |
| amount of a good/service that producers are willing to sell are certain prices | Quantity supplied |
| principle that producers will supply more products at higher prices than lower ones | Law of supply |
| the desire to make money | Profit motive |
| difference between revenue received and the costs of providing that good or service | Profit |
| the total cost of materials, labor, and inputs required in the manufacturing | Cost of production |
| table that lists the quantity of a product that producers are willing to supply at prices | Supply schedule |
| shows relationship between the price of an item and the quantity supplied | Supply curve |
| the degree to which changes in the price of a good/service affect quantity supplied | Elasticity of supply |
| situation that exists when quantity supplied changes greatly in response to a price change | Elastic supply |
| when quantity supplied changes only slightly or not at all due to price change | Inelastic supply |
| nonprice factor that influences the available supply of a good or service | Determinants of supply |
| required payment to a local, state, or national government | Tax |
| payment made by government to individuals, businesses or industry | Subsidy |
| rule that establishes and enforces to protect the public’s equal access to goods/services | Regulation |
| all the goods/services produced by a business in a given time with a given input | Total product |
| the additional output obtained by employing one more unit of input | Marginal product |
| principle that as more input is added to supply productivity increases | Law of diminishing returns |
| cost of doing business that remains constant as production decreases or increases | Fixed cost |
| a decrease in the value of a capital good due to age, use, or deterioration | Depreciation |
| sum of a business’s fixed cost except for wages and material costs | Overhead |
| cost of doing business that changes directly with a change in the level of output | Variable cost |
| the sum of the fixed and variable costs involved in the production of goods/services | Total cost |
| cost of producing one additional unit of output | Marginal cost |
Created by:
shupeer
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