Basics
The willingness and ability of producers to offer goods and services for sale.
What is Supply?
The price of raw material changes, increasing the amount needed for production
Cost Changes/ Input Prices
This refers to the economic principle that the more input of workers doesn't always yield production. It, in fact, can result in less production over time.
Think too many chefs in the kitchen
What is the Law of Diminishing Marginal Return
The price of Gas increases from $3.50 a gallon to $5.00 a gallon. Illustrate the graph
Change in Quantity Supplied Right
What is the Equation for Total Costs
Fixed costs + Variable Costs = Total Costs
The economic principle that states a direct relationship exists between price and quantity supplied.
What is the Law of Supply?
When there is an increase in the number of pizza shops in Villa Park
Entry and Exit of Producers
The sum of all output produced by the firm.
What is Total Product (TP)?
Mr. Ahuad uses 10 more people to make coconut ice cream bars. Increasing Efficiency: Describe the change in the Supply graph
Change in Supply right
The rent payments and property taxes a business must pay would be considered…
Fixed Costs
This change is a movement along the supply curve, caused only by a change in the product's own price.
What is a Change in Quantity Supplied?
The introduction of a new tool to aid in production is known as this.
What is Technology?
What is the first Stage of production
What is increasing
Hydroflask is reducing its prices from $30 a bottle to $20 a bottle. Illustrate the graph.
Change in Quantity Demanded left
The cost of producing one additional product
What is Marginal Cost
What is a market Supply
What is the supply of all producers of a product at any price
If producers expect the price of their product to decrease in the future, they will increase their supply today.
What is a change in Producer Expectations?
What's the Second Stage of Production
What is decreasing
As Christmas approaches, more businesses are anticipating a higher interest in wrapping paper
Change in Supply Right
What is the total Revenue
Total Revenue (TR) = Price (P) x Quantity Sold (Q)
The difference between a supply schedule and a supply curve.
What is that a schedule is a table and a curve is a graph?
A government payment to an industry that increases supply, causing the curve to shift right.
What is a subsidy?
What is the third stage of production
What is negative
The government imposes a new tax on AirPods. Illustrate the graph
What is Profit
Profit = Total Revenue (TR) - Total Cost (TC)