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resource costs the cost of wages and raw materials for producing a product
alternative outputs other products that can be produced with the same resources (pizza or pretzels)
technology causes an increase in supply without increasing resources
subsidy free money from the government to protect an certain economic activity
producer the person who combines resources and sells them in the market
taxes fee charged by the government that increases supply and raises the cost
equilibrium agreed upon price by the producer and the consumer; where Qs = Qd
shortage where Qd > Qs
surplus where Qs > Qd
Law of Supply the rule that states more will be offered to sell at higher prices than at lower prices
Supply The schedule of quantities offered for sale at all possible prices in the market.
Inelastice Supply when a change in price has little impact on Qs
Elastic Supply supply that is very responsive to the price
Law of Diminishing Returns As more units of a certain variable input are added to a constant amount of other resources total output keeps rising but only a diminishing rate
Scarcity the fundamental problem of Economis, satisfying unlimited wants with limited resouces
Factors of Production land, labor, capital, entrepreneurs
Product Market where goods and services are exchanged
Resource Market where land, labor, capital are exchanged for rent, wages, and capital
Opportunity Cost the cost of the next best alternative use of time, money or resources when one choice is made rather than another
Capital goods Goods used to produce other goods, causes economic growth
Created by: amaya0521