The desire and ability to produce and sell a product.
What is supply?
100
In economics the word marginal means this.
What is one more?
100
This actually causes a supply curve to move to right or left.
What is a change in supply?
100
The supply curve is best described as _____________.
What is always rising from left to right?
100
The factors of production
What are land, labor and capital?
200
The law of supply says that when prices go up the quantity supplied does this.
What is goes up?
200
This is the money made from the sale of each additional unit of output.
What is marginal revenue?
200
Machines helping farmers produce more crops at a lower cost is an example of this factor that changes supply.
What is technology?
200
An example of government influence on supply
subsidies, regulation, or taxes
200
This shows how households and firms exchange money, resources and products.
What is the circular flow model?
300
A market supply curve shows data from this in graph form.
What is a market supply schedule?
300
total cost of a factory is _________.
What is fixed cost plus variable cost?
300
This is is a tax on the making of certain goods and services.
What is an excise tax?
300
This is a measure of how responsive producers are to price changes in the marketplace.
What is elasticity of supply?
300
John gets a raise at his job and decides to start buying vitamin enriched pasta instead of cheaper instant noodles. For John, instant noodles are examples of this.
What is an inferior good?
400
The law of supply says that when price go down the quantity supplied does this.
What is goes down?
400
Rent on a building is an example of this type of costs for a business.
What is fixed costs?
400
Rising input costs have this effect on the supply of a good
What is the good becomes more expensive to produce or supply?
400
Newspapers, haircuts, and staples are all products where it is easy to produce more if price increases so they have this type of supply.
What is elastic supply?
400
The United States economy is a mixed economy, which means ___________________.
What is it is based on a free market system, but allows some government intervention?
500
The price of tablets rises. According to the law of supply, manufactures will respond to this price increase ____________________________.
What is by increasing tablet production?
500
If the marginal product of labor becomes negative, then this is happening.
What is there are more workers than are needed, and are getting in each others way, disrupting output?
500
This is a rise or fall in the amount producers offer for sale because of a change in price.
What is a change in quantity supplied?
500
When manufacturers set production at the point where marginal revenue equals marginal cost , the business owner has achieved _________________.
What is maximum profit?
500
Public goods are examples of market failure because
What is public goods show that the free market does not work in all areas of society’s needs?