Chapter 5 History Word Scramble
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Question | Answer |
principle that suppliers will normally offer more for sale at a higher price and less for a lower price | Law of Supply |
amount of product that would be offered for sale at all possible prices that would prevail in the market | Supply |
government payment to individual, business, or other | Subsidy |
graph showing the various quantities supplied at each and every price that might prevail in the market | Supply Curve |
measure of way in which quantity supplied responds to change in price | Supply Elasticity |
deals with factors between factors of production and output of goods and services | Theory of Production |
relationship between changes in output to different amounts of singular input while other inputs are held constant | Production Function |
unprocessed natural products used in production | Raw Materials |
output increases at diminishing rate as more units of a variable input are added | Principle of Diminishing Returns |
cost that a business incurs even if the plant is idle and output is zero | Fixed Income |
total fixed cost/ remains the same | Overhead |
cost that changes when the business rate of operation or output changes | Variable Cost |
extra cost incurred when a business produces one additional unit of a product | Marginal Cost |
electronic business or exchange conducted over the Internet | E-Commerce |
number of units sold multiplied by the average price per unit | Total Revenue |
extra revenue associated with the production and sale of one additional unit of output | Marginal Revenue |
total output or total product the business needs to sell in order to cover its total costs | Break-Even Points |
Created by:
ConcreteAngel
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