click below
click below
Normal Size Small Size show me how
ECONOMICS ch 5
vocabulary
Term | Definition |
---|---|
supply | the amount of goods available |
quantity supplied | the amount a supplier is willing and able to supply at a certain price |
variable | a factor that can change |
supply schedule | a chart that lists how much of a good A supplier will offer at different prices |
market supply schedule | a chart that lists how much of a good ALL suppliers will offer at different prices |
supply curve | a graph of the quantity supplied of a good at different prices |
law of supply | a tendency of suppliers to offer more of a good at a higher price |
elastic supply | a measure of the way quantity reacts to price change |
inelastic supply | demand that is Not sensitive to price change |
fixed cost | a cost that does not change |
variable cost | a cost that rises and falls depending on how much is produced |
operating cost | the cost of operating a store or factory |
total cost | a combination of the fixed cost and the variable cost |
subsidy | a government payment that supports a business or market |
excise tax | a tax on the production or sale of a good |