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Econ Chapter 5 Vocab
Supply
| Term | Definition |
|---|---|
| Supply | amount of a product offered for sale at all possible prices |
| Law of Supply | principle that more will be offered for sale at higher prices than at lower prices |
| Supply Schedule | a table showing how much a producer will supply at all possible prices |
| Supply Curve | a graph that shows the different amounts of a product supplied over a range of possible prices |
| Market Supply Curve | a graph that shows the various amounts offered by all firms over a range of possible prices |
| Quantity Supplied | amount offered for sale at a given price |
| Change in Quantity Supplied | change in amount offered for sale when the price changes |
| Change in Supply | situation where different amounts are offered for sale at all possible prices in the market; shift of the supply curve |
| Subsidy | government payment to encourage or protect a certain economic activity |
| Supply Elasticity | a measure of how the quantity supplied responds to a change in price |
| Production Function | a graph showing how a change in the amount of a single variable input changes total output |
| Short Run | production period so short that only the variable inputs (usually labor) can be changed |
| Long Run | production period long enough to change the amounts of all inputs |
| Total Product | total output or production by a firm |
| Marginal Product | extra output due to the addition of of one more unit of input |
| Stages of Production | phases of production that consists of increasing, decreasing, and negative marginal returns |
| Diminishing Returns | stage where output increases at a decreasing rate as more units of variable input are added |
| Fixed Costs | costs that remain the same regardless of level of production or services offered |
| Overhead | broad category of fixed costs that includes rent, taxes, and executive salaries |
| Variable Costs | production costs that change when production levels change |
| Total Cost | the sum of fixed costs and variable costs |
| Marginal Cost | extra cost of producing one additional unit of production |
| E-Commerce | electronic business conducted over the Internet |
| Break-Even Point | production level where total cost equals total revenue |
| Total Revenue | total amount earned by a firm from the sale of its products |
| Marginal Revenue | extra revenue from the sale of one additional unit of an output |
| Marginal Analysis | decision making that compares extra costs of doing something to extra benefits gained |
| Profit-Maximizing Quantity of Output | level of production where marginal cost is equal to marginal revenue |
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Damma15724
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