Show:
Factors
Shifts
Miscellaneous
Definitions
Final Jeopardy
100
Price of resources needed for production.
What are Input Costs?
100
An increase in the cost of steel.
What causes a shift to the left?
100
S
What is Supply
100
As P increases so does Qs. As P decreases so does Qs.
What is the Law of Supply?
100
The chapter we are in.
What is 5?
200
Subsidies and Taxes
What are two examples of government action?
200
Pizza Hut opens across the street from Papa Johns.
What is a shift to the right?
200
Qs
What is Quantity Supplied
200
Having each worker focus on a particular aspect of production.
What is specialization?
200
West
What direction do the windows in the class face?
300
Application of scientific methods and discoveries.
What is the factor of technology?
300
The production costs of CD's decreases by 15%.
What is a shift to the right?
300
Willing and able
What producers must be to provide goods and services?
300
Each new worker adds to total output
What are increasing returns?
300
May 2nd
What is my last day?
400
Amount of goods and services that a person can produce in given time.
What is Labor Productivity?
400
Ford spends $15 million dollars to upgrade the robotics in their factory and improve efficiency.
What is a shift to the right?
400
Shows the data from a market supply schedule.
What shows the data from a market supply curve?
400
When total output grows at a decreasing rate.
What are diminishing returns?
400
Spring Break
What starts Friday?
500
May cause an increase or decrease in supply depending on the producer and prices.
What are Producer Expectations?
500
Price paid per ton of corn will increase in August.
What is shift to the left?
500
Profits
What is the goal of producers?
500
The change in total product that results from hiring one more worker.
What is marginal product?
500
Measure of how responsive producers are to price changes.
What is elasticity of supply?