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EconomicsCh.4 KRacht
Vocabulary of Chapter 4
| Question | Answer |
|---|---|
| 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 |
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KRacht
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