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Economics 4

TermDefinition
supply amount of goods available
law of supply tendency of suppliers to offer more of a good at a higher price
firms changing level of production, new firms entering/exiting existing market two movements
elasticity of demand measure of the way quantity supplied reacts to a change in price
time the key factor in determining elasticity of a good
How many workers to hire? basic question firms must answer
marginal product of labor change in output from hiring one addition unit of labor
increasing marginal return level of production in which the marginal product of labor increases as the number of workers increases
diminishing marginal return level of production in which the marginal product of labor decreases as the number of workers increases
fixed cost does not change, no matter how much of a good is produced
variable cost rises or falls depending on how much is produced
total cost fixed costs plus variable costs
marginal cost cost of producing one more unit of a good
maximize profits basic goal of a firm
marginal revenue additional income from selling one more unit of a good
subsidies government payment that supports a business or market
not cultivate part of their land farmers in the US are often paid to
consumers may not realize they are paying them excise taxes are built into the cost, so
regulation government intervention in a market that affects the production of a good
requiring automobiles to have better gas mileage example of a regulation
sign an artist with a similar sound market entry example of music artist
Created by: pace_sauce
Popular American Government sets

 

 



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