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Vocabulary

Chapter 5

TermDefinition
Supply Amount of a product offered for sale a all possible prices in a market.
Change in Quantity Supplied Change in amount offered for sale in response to a price change; movement along the supply curve.
Change (shift) in supply different amounts offered for sale at each and every possible price in the market; shift of the supply curve.
Supply Elasticity Responsiveness of quantity supplied to a change in price
Production Function Graphic portrayal showing how a change in the amount of a single variable input affects total output.
Short run Production period so short that only variable inputs (usually labor) can be changed.
Long Run Production period long enough to change the amount of variable and fixed inputs used in production.
Total Product Total output or production by a firm
Marginal Product Extra output due to the additional of one more unit of input.
Diminishing Returns Stage of production where output increases at a decreasing rate as more units of variable input are added.
Fixed Costs Costs of production that do not change when output changes.
Overhead Broad category of fixed costs that include interest, rent, taxes, and executive salaries.
Variable Cost Production cost that varies as output changes; labor, energy, raw materials.
Total Cost Variable plus fixed cost; all costs associated with production.
Marginal Cost Extra cost of producing one additional unit of production.
Total Revenue Total amount earned by a firm from the sale of its products; price of goods sold times quantity sold.
Marginal Revenue Extra revenue from the sale of one additional units of output.
Profit Maximizing Quantity of Output Level of production where marginal cost is equal to marginal revenue.
Breakeven Point Production level where total cost equals total revenue; production needed if the firm is to recover its costs.
Price Floor Lowest legal price that can be charged for a product.
Created by: 3zimm
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