Vocab
subsidy
financial aid from a government or organization to support businesses, industries, or individuals.
in which stage will your workers be happy
1st stage
_ is the specific amount of a good or service that producers are willing to sell at a given price.
quantity supplied
which factor o production is easiest to change? variable input..
labor
fixed cost
a business expense that remains constant regardless of production or sales, such as rent or salaries.
in which stage will you have negative marginal returns
3rd stage
total fixed cost + total variable cost =
total cost
if i received a subsidy from the government would the supply curve moove to the right or left
right
marginal cost
the additional cost of producing one more unit of a good or service.
in which stage will your workers be unhappy with eachother
3rd stage
_ is the financial gain remaining after subtracting total costs from total revenue.
profit
is the supply curve upwards or downwards sloping
upwards
supply
the total amount of a good or service available for sale at various prices in a market.
in which stage do the returns start to diminish
2nd stage
_ are individuals who provide labor or services in exchange for wages or salaries.
workers
in regards to supply, does quantity go up or down when price increases
goes up
A _ is a graphical representation showing the relationship between the price of a good and the quantity supplied.
supply curve
_ is the total income a business earns from selling goods or services before expenses are deducted.
revenue