A table that shows the relationship between the price of good and quantity supplied.
What is Supply Schedule?
100
To make something available for someone
What is Supply?
100
As the price of a good increases, customer demand will decrease and vice-versa.
What is law of demand?
100
A commodity or service that is provided without profit for the members of a community
What is public good?
100
The minimum amount of payment which is used to allow one to survive.
What is minimum wage?
200
Taxes made when purchases are paid on a specific good.
What is an excise tax?
200
Cost of direct material, labor and other overheads devoted to production.
What is Input Cost?
200
A person increases consumption of a product while keeping consumption of other products constant, causing a decline in marginal utility that derives from each additional unit of that product
What is law of diminishing marginal utility?
200
A good that decrease in demand when consumer income increases.
What is inferior goods
200
A person doing unskilled or manual work for wages.
What is a laborer?
300
Fixed cost plus Variable cost
What is Total Cost?
300
A rule or directive maintained made and maintained by authority.
What is regulation?
300
An increase in price equals an increase in quantity supplied.
What is law of supply?
300
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
What is economics
300
Supplier of labor services
What is workers?
400
A change in consumption resulting from a change in real income.
What is Income effect?
400
The basic physical and organizational structures needed for an enterprise to survive.
What is infastructure?
400
Theory explaining the interaction between the supply of a resource and the demand for that resource.
What is law of supply and demand?
400
One component of the effect of a change in price of good upon the amount of good demanded by consumer.
What is substitution effect?
400
The demand of labor services
What is employment?
500
Concept that people may decide what agreements they want to enter to.
What is a free contract?
500
Motivation of firms that operate so as to maximize their profits.
What is profit motive?
500
Principle in which all people are subject into the same laws.