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Chapter 5 History

Vocabulary

QuestionAnswer
principle that suppliers will normally offer more for sale at a higher price and less for a lower price Law of Supply
amount of product that would be offered for sale at all possible prices that would prevail in the market Supply
government payment to individual, business, or other Subsidy
graph showing the various quantities supplied at each and every price that might prevail in the market Supply Curve
measure of way in which quantity supplied responds to change in price Supply Elasticity
deals with factors between factors of production and output of goods and services Theory of Production
relationship between changes in output to different amounts of singular input while other inputs are held constant Production Function
unprocessed natural products used in production Raw Materials
output increases at diminishing rate as more units of a variable input are added Principle of Diminishing Returns
cost that a business incurs even if the plant is idle and output is zero Fixed Income
total fixed cost/ remains the same Overhead
cost that changes when the business rate of operation or output changes Variable Cost
extra cost incurred when a business produces one additional unit of a product Marginal Cost
electronic business or exchange conducted over the Internet E-Commerce
number of units sold multiplied by the average price per unit Total Revenue
extra revenue associated with the production and sale of one additional unit of output Marginal Revenue
total output or total product the business needs to sell in order to cover its total costs Break-Even Points
Created by: ConcreteAngel