Econ Chapter 5
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| the sum of all the supply in the economy | aggregate supply
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| states that producers are willing to sell more of a good or service at a higher price than they are at a lower price | law of supply
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| A ______________ lists how much of a good or service an individual producer is willing and able to offer for sale at each price. | supply schedule
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| how much of a good or service all producers in a market are willing and able to offer for sale at each price | market supply schedule
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| A ____________ shows the data from a supply schedule in graph form. | supply curve
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| a graph that shows data from a market supply schedule | market supply curve
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| the change in total output that results from adding one more worker | marginal product
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| a situation that occurs when individuals or businesses concentrate their efforts in the areas in which they have an advantage for increased productivity and profit | specialization
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| a situation in which hiring new workers cause marginal product to increase | increasing returns
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| a situation in which new workers cause marginal product to grow but at a decreasing rate | diminishing returns
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| expenses that business owners incur no matter how much they produce | fixed costs
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| business costs that vary with the level of production output | variable costs
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| the sum of fixed and variable costs | total cost
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| the additional cost of producing or using one more unit of a good or service | marginal cost
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| the money made from each additional unit sold | marginal revenue
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| the income a business receives from selling its products | total revenue
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| the point in production at which a business has reached its highest level of profit | profit-maximizing output
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| an increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price | change in quantity supplied
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| a situation in which a change in the marketplace prompts producers to offer different amounts for sale at every price | change in supply
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| the price of the resources needed to produce a good or service | input costs
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| the amount of goods and services a person can produce in a given time | labor productivity
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| the application of scientific methods and innovations to production | technology
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| a tax on the production or sale of a specific good or service | excise tax
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| _________ is a set of rules or laws designed to control business behavior. | Regulation
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| the reduction or elimination of government oversight and control of business | deregulation
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| a measure of how responsive producers are to price changes in the marketplace | elasticity of supply
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| Supply is defined as | the willingness and ability of producers to offer goods and services for sale
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| According to the law of supply, when prices increases, | quantity supplied increases
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| According to the law of supply, when prices decrease | quantity supplied decreases
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| Economists use a supply curve to | show the law of supply in graph form
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| The appearance of a supply curve is | an upward slope, bottom left to top right
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| A supply schedule is related to a supply curve because | the supply curve shows the data from the supply schedule in graphic form
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| An ice cream shop surveyed its customers about how many scoops they would buy at different prices. The owner wants to put the information in a format that will visually show the overall pattern. What should she do? | Draw a market supply curve.
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| The change in total output that results from hiring one additional worker is called | marginal product
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| What does a marginal product schedule show? | the relationship between labor and marginal product
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| The additional expense of producing one more unit of a product is called | marginal cost
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| The difference between fixed costs and variable costs is that | fixed costs remain the same; variable costs depend on how much is produced
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| Total cost is the sum of | fixed costs and variable costs
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| Business owners decide on the right number of workers by analyzing data to learn when | profit-maximizing output is reached
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| Marginal revenue equals | product price
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| Profit-maximizing output is the point at which | marginal revenue and marginal cost are equal
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| A business that discovers a decline in profit can best solve the problem by | creating a production costs and revenues schedule to find the profit-maximizing output
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| The amount of goods and services that a person can produce in a given time is called | labor productivity
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| Car manufacturers who use robots to do certain jobs on the assembly line are trying to increase supply by | applying new technology
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| The government uses excise taxes to | decrease the supply of products it doesn't want people to use
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| Excise taxes reduce supply by | increasing producers' costs and discouraging production
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| An automobile manufacturer learns that a foreign country is about to tax all the rubber it exports, thus raising prices. What is the carmaker most likely to do? | plan to produce slightly fewer cars after the price of rubber goes up
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| Manju opens the first Indian restaurant in her city, and it is a success. How will her success most likely affect the number of producers? | Two more Indian restaurants will open, but because of the limited number of customers, one
will eventually fail.
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| The ease of changing production to respond to price change determines | how elastic a supply is
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| What is supply said to be if a change in price leads to a relatively smaller change in quantity supplied? | inelastic
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| What increases the elasticity of supply for most goods and services? | time
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| Which types of industries tend to take a great deal of time to shift the resources of production to respond to price changes? | those that rely on large capital outlays
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