Demand
This is the various amounts of product that someone is willing and able to buy over a range of possible prices at one point in time.
What is Demand?
Amount of a product a producer or seller would be willing to offer at all possible prices in a market at a given point in time.
What is Supply?
The demand curve could completely shift to the right or the left based on an increase or decrease in consumer income in the market.
What is Consumer Income?
These are costs that vary as output changes, usually with labor, energy, or raw materials.
What are Variable Costs?
What is a Monopoly?
This is a graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time.
What is the Demand Curve?
This is the only factor that determines the amount of a product supplied and can change the points on the supply curve.
When a change in price causes a large change in quantity demanded or supplied.
What is Elastic?
These are costs that a company has to pay for regardless of the company's production level.
What are Fixed Costs or Overhead?
Rule stating that more will be demanded at lower prices and less at higher prices.
What is the Law of Demand?
This is a listing showing the quantity demanded at all possible prices that might prevail in the market at a given time.
What is Demand Schedule?
If the workers for any particular organization's production increases, so does the supply.
What is Productivity?
There can be products that are tied to each other so that if one product's demand curve shifts, the other product's demand curve will as well.
This is the level of production where marginal cost is equal to marginal revenue.
What is Profit Maximization?
Rule that states more will be offered for sale at higher prices than at lower prices.
What is the Law of Supply?
The decrease in additional satisfaction or usefulness as additional units of product are acquired.
What is Diminishing Marginal Utility?
This is a government payment to individuals, businesses, or other groups to encourage or protect a certain type of economic activity or good.
What is a Subsidy?
Name 2 out of the 3 main resources that can change the price of production for a good and cause a shift in supply.
What is land, labor, and capital?
This is the extra revenue from the sale of one additional unit of output.
What is Marginal Revenue?
A small number of relatively large companies control a market and produce similar but slightly different products or services.
What is an Oligopoly?