Macro-Economics Word Scramble
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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
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