Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Macro-Economics
Vocabulary Chap 5
| Question | Answer |
|---|---|
| Supply | amount of a product that would be offered for sale at all possible prices that could prevail in the market |
| Law of Supply | principle that suppliers will normally offer more for sale at higher prices and less for sale at lower prices |
| Supply Schedule | listing of the various quantities of a particular product supplied at all possible prices in the market |
| Supply Curve | graph of the various quantities of a particular product supplied at all possible prices in the market |
| Market Supply Curve | supply curve that shows the quantities offered at various prices by all firms that offer the product for sale in a given market |
| Quantity Supplied | the amount producers bring to market at any given price |
| Change in Quantity Supplied | change in the amount offered for sale as a response to a change in price |
| Change in Supply | a shift in the supply curve itself; suppliers offer different amounts of products for sale at all possible prices in the market |
| Subsidy | government payment to an individual, business, or other group to encourage or protect a certain type of economic activity |
| Supply Elasticity | measure of the way quantity supplied responds to a change in price |
| Theory of Production | relationship between the factors of production and the output of goods and services |
| Short Run | period of production that allows producers to change only labor |
| Long Run | period of production that allows producers to adjust the quantities of all their resources |
| Law of Variable Proportions | output will change as one input is varied while the others are held constant |
| Production Function | relationship between changes in output to different amounts of a single input |
| Raw Materials | unprocessed natural products used in production |
| Total Product | total output produced by business |
| Marginal Product | extra output or change in total product caused by the addition of one more unit of variable input |
| Stages of Production | #1- increasing returns #2- diminishing returns #3- negative returns |
| Diminishing Returns | stage where output increases at a lower rate as more units of input are added |
| Fixed Cost | cost that a business incurs even if the plant is idle and output is zero |
| Overhead | total fixed cost |
| Variable Cost | cost that changes when the business output changes |
| Total Cost | sum of the fixed and variable costs |
| Marginal Cost | extra cost of producing one additional unit of output |
| E-Commerce | electronic business |
| Total Revenue | number of units sold times the average cost of each unit * total money brought in by sales |
| Marginal Revenue | extra revenue gained by selling one additional unit |
| Marginal Analysis | type of cost-benefit analysis that compares the extra benefits to the extra costs of an action |
| Break-Even Point | total output the business needs to sell in order to cover its total costs |
| Profit-Maximizing Quantity of Output | marginal cost and marginal revenue are equal |
Created by:
kvanolson
Popular Finance sets