Refers to the willingness and ability of producers to offer goods and services for sale.
What is supply?
100
Most Americans spend without a plan, save very little and are heavily indebted. Financial insecurity is mainly the result of the choices we make, not the incomes we earn.
What is the financial stress difference between Americans from a couple of generations ago and their contemporaries worldwide, why do Americans have incredibly high incomes?
100
The extra cost of producing one more unit.
What is marginal cost?
100
Industries that have supply do not require lots of capital, skilled labor, or rare resources; those with inelastic supply are the opposite.
What is change for a company when it reaches the break-even point?
100
A graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period of time.
What is supply curve?
200
Lists how much of a good or service an individual producer is willing and able to offer for sale at each price.
What is supply schedule?
200
Focus on one item you buy regularly for which the price has changed. How did this shift in price influence supply ?
What is change in quantity supplied?
200
Depends on the level of production output.
What is variable cost?
200
The supply curve slopes upward because the volume suppliers in an industry are willing to produce increases as the price the market pays increases. Under typical circumstances, the revenue and profit derived by a supplier increases as the market price rises.
What is the meaning of a supply curves upward slope?
200
The change in total output brought about by adding one more worker.
What is marginal product?
300
The sum of fixed and variable costs.
What is total cost?
300
The first is shown graphically as a movement of a supply curve while the second is shown as a movement along a curve. The first is caused by changes in costs and incentives that change how much a producer can and will produce at a given price. The second is caused simply by a change in the retail price of the product.
What is the difference between change in quantity supplied and change in supply?
300
Expenses that the owner of a business must incur whether they produce nothing, little, or a lot.
What is fixed cost?
300
The ease at which a producer can change production to respond to price changes is the main factor that affects supply. Producers that can respond more easily and quickly will have more elastic supply than producers that have a difficult time responding to price changes
What is the reason why a business uses marginal analysis to decide how many workers to employ?
300
Measures the amount of goods and services that a person can produce by a given time.
What is labor productivity?
400
A set of rules or laws designed to control business behavior.
What is regulation?
400
Input costs, labor productivity, technology, government action, producer expectations, and number of producers.
What are the six factors that can cause a change in supply?
400
The level of production at which a business realizes the greatest amount of profit.
What is profit-maximizing output?
400
They increase producer's costs and therefore decrease supply; while subsidies decrease producers costs and increase supply.
What is excise taxes and subsidies way of affecting supply differently?
400
Having a worker focus on a particular aspect of production.
What is specialization?
500
A measure of how responsive producers are to price changes in the marketplace.
What is elasticity of supply?
500
It refers to how the amount supplied of a good or service changes in response to a price or a factor change.
What are the factors that affect elasticity of supply?
500
Occurs when hiring new workers causes marginal product to decrease.
What is diminishing returns?
500
The cost of labor, power, and machinery.
What are things other than raw materials, that would be included in input costs?
500
Occurs when hiring new workers causes marginal product to increase.