Supply and Demand
Costs and Revenue
Production
Elasticity
Miscellaneous Econ
100
This is the amount a seller offers on the market.
Supply
100
This is the cost of production that does not change.
Fixed Costs
100
Producers use this to see how the change in amount of labor affects the total output.
Production function or Production schedule
100
If something stretches it is this.
Elastic
100
This is where buyers and sellers interact.
Market
200
This is the amount of products that someone is willing to buy.
Demand
200
This is the extra cost of producing one more good.
Marginal Cost
200
This stage of productions is where companies are motivated to hire more workers.
Stage I
200
What is an example of a product that has inelastic demand?
Insulin, cancer drug, medicine
200
This is all the revenue that a business receives.
Total Revenue
300
If a price of a product is decreasing, this increases.
Demand
300
This is the extra revenue from the sale of one more good.
Marginal Revenue
300
This is the extra output when one more unit of input is added.
Marginal Product
300
What determines supply elasticity?
Nature of Production
300
This market structure uses a laissez-faire economic style.
Monopoly
400
What is ONE factor that shifts the demand curve?
Consumer income, Consumer tastes, Substitutes, Complements, Expectations, Number of Consumers.
400
This is usually associated with variable costs.
Labor/workers, raw materials/resources.
400
This is the stage where most companies operate.
Stage II
400
If I double the price ($1 -> $2) and consumer demand triples, what they of elasticity is happening?
Elastic Demand
400
This is a market structure where only a few sellers dominate the market.
Oligopoly
500
In this image, what does the red line represent?
Law of Supply, Supply Curve
500
This is what occurs when your revenue and costs equal each other.
Break-Even Point.
500
This stage of production is when output falls because there are too many workers.
Stage III
500
This type of elasticity happens when the change in price equals the change in demand or supply.
Unit Elastic Demand/Supply
500
FINAL JEOPARDY
This is the spot where consumers and producers are happy.
Equilibrium