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Vocabulary Chap 5

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