Vocabulary
The amount of a product that would be offered for sale at all possible prices that could prevail in the market.
What is Supply
The supply curve that shows the quantities offered at various prices by all firms that offer the product in the market.
What is a Market Supply Curve
If a product becomes cheaper to produce the company or supplier can provide more for a cheaper production price.(or vice versa)
What is Cost of Inputs
Fixed Cost + Variable Cost = ?
What is Total Cost
Demand is viewed from who's point of view?
What is the Consumers Point of View
As price increase QS increases (vice versa)
This is a government payment to an individual, business, or other group to encourage or protect a certain type of economic activity.
What is a Subsidy
If the government imposes more of these on the production of a good, the company will not be able to produce as many as before. (vice versa for tax cuts)
What is TAXES
Marginal Revenue x goods sold = ?
What is Total Revenue
These 3 factors of production are what all things are made from.
What is Land, Labor, Capital
This is the amount that producers bring to the market at any give price.
What is Quantity Supplied
DAILY DOUBLE!!!!!
Makes it possible for people who have ideas & persistence to start businesses and find success and offers great deal of economic freedom to consumer
What is the American Free Enterprise System
If producers think the price of a product will increase they might withhold some of the supply (shift left). OR THE OPPOSITE (shift right).
What is Expectation
Total Revenue - Total Cost = ?
What is Profit
This is a model that shows how the economy has a flow to it.
What is the Circular flow model
A factor that can change.
A chart that lists how much of a good a supplier will offer at various prices.
What is a Supply Schedule
When the government establishes new versions of these the cost of production can be affected, causing a change in supply.
What is Government Regulations
DAILY DOUBLE!!!!!
Question: This is the change in output from hiring one more worker.
Unlike a shortage, this is always around
What is Scarcity
A measure of the way quantity supplied reacts to a change in price.
What is Elasticity of Supply
A situation where suppliers offer different amounts of products for sale at all possible prices in the market.
What is a Shift in Supply
If there is an increase in this, or new more efficient versions of this, a company can produce more and supply more products.
What is Technology
The additional cost of producing one more unit of good.
What is Marginal Cost
Measurement of total goods/services produced in year
What is Gross Domestic Product or GDP