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EconomicsCh.4 KRacht

Vocabulary of Chapter 4

quantity of goods and services that producers are willing and able to offer at various possible prices during a given time period supply
amount of a good or service that a producer is willing to sell at each particular price quantity supply
producers supply more goods and service when they can sell them at higher prices, and fewer goods and services when they must sell them at lower prices law of supply
the desire to make money profit motive
the difference between the revenue received from the sale of a good or service and the costs of providing that good or service profit
the total cost of materials, labor, and other inputs required in the manufacture of a product cost of production
a table that lists each quantity of a product that producers are willing to supply at various prices supply schedule
plots the information from supply schedule on a graph supply curve
the degree to which price changes effect the quantity supplied elasticity of supply
produced quickly, inexpensively, and using few, readily available resources elastic supply
time consuming to produce, expensive, and resources are not readily available inelastic supply
non-price factor determinants of supply
true or false: prices of resources include the following: raw materials, electricity, and workers wages true
a required payment of money to the government services taxes
payments to private businesses by the government subsidies
rules to protect the public; passed by government regulations
Prices of resources, government tools, technology, competition, prices of related goods, and production expectation are all parts of what? determinants of supply
all of the product a company makes in a given period of time-with a given period of input total product
change in output generated by adding one more unit of input marginal product
once total and marginal product have been calculated, a company is ready to vary one of its inputs to see the effect on output law of diminishing returns
production costs that don't change as level of output changes fixed costs
rent, intrest on loans, property insurance premiums, local and state property taxes, depreciation, overhead, and salaries are all part of what ? fixed costs
lessening in value depreciation
the company's total fixed costs overhead
changes as the level of output changes variable costs
the sum of fixed + the variable production costs total costs
additional costs of producing one more unit of output marginal costs
Created by: KRacht