Vocabulary of Chapter 4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| quantity of goods and services that producers are willing and able to offer at various possible prices during a given time period | supply
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| amount of a good or service that a producer is willing to sell at each particular price | quantity supply
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| producers supply more goods and service when they can sell them at higher prices, and fewer goods and services when they must sell them at lower prices | law of supply
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| the desire to make money | profit motive
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| the difference between the revenue received from the sale of a good or service and the costs of providing that good or service | profit
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| the total cost of materials, labor, and other inputs required in the manufacture of a product | cost of production
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| a table that lists each quantity of a product that producers are willing to supply at various prices | supply schedule
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| plots the information from supply schedule on a graph | supply curve
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| the degree to which price changes effect the quantity supplied | elasticity of supply
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| produced quickly, inexpensively, and using few, readily available resources | elastic supply
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| time consuming to produce, expensive, and resources are not readily available | inelastic supply
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| non-price factor | determinants of supply
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| true or false: prices of resources include the following: raw materials, electricity, and workers wages | true
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| a required payment of money to the government services | taxes
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| payments to private businesses by the government | subsidies
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| rules to protect the public; passed by government | regulations
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| Prices of resources, government tools, technology, competition, prices of related goods, and production expectation are all parts of what? | determinants of supply
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| all of the product a company makes in a given period of time-with a given period of input | total product
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| change in output generated by adding one more unit of input | marginal product
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| once total and marginal product have been calculated, a company is ready to vary one of its inputs to see the effect on output | law of diminishing returns
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| production costs that don't change as level of output changes | fixed costs
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| rent, intrest on loans, property insurance premiums, local and state property taxes, depreciation, overhead, and salaries are all part of what ? | fixed costs
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| lessening in value | depreciation
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| the company's total fixed costs | overhead
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| changes as the level of output changes | variable costs
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| the sum of fixed + the variable production costs | total costs
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| additional costs of producing one more unit of output | marginal costs
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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