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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 |
Created by:
beth weir
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