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Econ

Ch 4 Demand

TermDefinition
Supply the Ability and willingness of sellers to make things available for sale
Law of Supply the Belief that as the price of a good rises,the quantitysupplied will rise
Supply schedule a way to show the law of supply using a chart it shows the quantity of a good offered at each possible market price
Supply Curve a graph showing that suppliers are more willing to sell at higher prices than lower prices
Elasticity of supply the measure of how changes in price affect the quantity of supply
Elastic supply when a change in price has a big effect on the quantity supplied
Inelastic supply when a change has very little effect on the quantity supplied
Tax money that people and businesses pay to help pay the cost of government
Subsidy a government grant
Price support a government guaranteed minimum price farmers receive for their product
Law of variable proportions the belief that in the short run,changing one of the inputs changes the output
Production schedule a table that shows how the number of workers affects productivity and marginal product
Marginal product the extra amount produced by adding one resource to production
Increasing returns when adding resources increases production
Diminishing returns when adding resources is not always a good thing . It can cause production to slow down slightly
Negative Returns when adding resources causes production to be less than before
Marginal Cost the additional cost of producing one more unit
Created by: mtrampf
 

 



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