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Economics
Economics Chapter Five
| Term | Definition |
|---|---|
| supply | the amount of goods available |
| law of supply | producers offer more of a good as its price increases and less of a good as its price falls |
| quantity supplied | the amount that a supplier is willing and able to supply at a specific price |
| supply schedule | a chart that lists how much of a good a supplier will offer at various prices |
| variable | a factor that can change |
| market supply schedule | a chart that lists how much of a good all suppliers will offer at various prices |
| supply curve | a graph of the quantity supplied of a good at various prices |
| market supply curve | a graph of the quantity supplied of a good by all suppliers at various prices |
| elasticity of supply | a measure of the way quantity supplied reacts to a change in price |
| marginal product of labor | the change in output from hiring one additional unit of labor |
| increasing marginal returns | a level of production in which the marginal product of labor increases as the number of workers increases |
| diminishing marginal returns | a level of production at which the marginal product of labor decreases as the number of workers increases |
| fixed cost | a cost that does not change, no matter how much of a good is produced |
| variable cost | a cost that rises or falls depending on the quantity produced |
| total cost | the sum of fixed costs plus variable costs |
| marginal cost | the cost of producing one more unit of a good |
| marginal revenue | the additional income from selling one more unit of a good; sometimes equal to price |
| average cost | the total cost divided by the quantity produced |
| operating cost | the cost of operating a facility, such as a factory or a store |
| subsidy | a government payment that supports a business or market |
| excise tax | a tax on the production or sale of a good |
| regulation | government intervention in a market that affects the production of a good |
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