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Supply
Demand
Prices
Graphs & Charts
Costs & Revenues
100
The quantity supplied increases
What happens when prices go up?
100
According to the Law of Demand, when prices go down, this happens to quantity demanded
What is increases?
100
This is the measure of how responsive consumers are to price changes
What is elasticity of demand?
100
This is the list of how much of a good or service all prodicers in a market are willing and able to offer for sale at each price
What is a market supply schedule?
100
The costs that business owners incur no matter how much they produce
What are fixed costs?
200
A rise or fall in the amount producers offer for sale because of a change in price
What is a change in quantity supplied
200
This states that the marginal benefit of using each additional unit of a product during a given period will decline
What is the Law of Diminishing Marginal Utility?
200
This is a company's income form selling its products
What is total revenue?
200
This graphically shows data from a market demand schedule
What is a market demand curve?
200
This is the money made from the sale of each additional unit of output.
What is marginal revenue?
300
This factor that causes a change in supply refers to the collective price of the resources that go into producing a good or service
What are input costs?
300
This is the change in the amount consumers will buy because the purchasing power of their income changes
What is the Income Effect?
300
This is the price at which the quantity demanded and the quantity supplied are equal
What is equilibrium price?
300
When demand is ________ the demand curve slopes more horizontally than vertically (and is longer) because of greater changes in quantity demanded
What is elastic?
300
This is the company's income from selling its products
What is total revenue?
400
The measure of how responsive producers are to price changes in the marketplace
What is Elasticity of Supply?
400
These are goods and services that can be used in place of each other
What are substitutes?
400
This is the result when the quantity supplied is greater than the quanitity demanded
What is a surplus?
400
This occurs when quantity demanded and quantity supplied are not in balance, causing the supply curve or the demand curve to shift
What is disequilibrium?
400
These occur when hiring new workers causes the marginal product to increase
What are increasing returns?
500
These factors that can cause a change in supply include taxes, subsidies and regulations
What are govenment actions?
500
These are goods that are used together so a rise in demand for one increases the demand for the other
What are complements?
500
This is the result of quantity demanded being greater than quantity supplied
What is a shortage?
500
When the there is a decrease in the quantity demanded, the demand curve shifts in this direction
What is to the left?
500
This is the level of production at which a business realizes the greatest amount of profit
What is the profit-maximizing output?