Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
27 Cards in this Set
- Front
- Back
|
Supply |
Amount of a product that would be offered for sale at all prices |
|
|
Law of supply |
Suppliers will normally offer more for sale at high price than at lower price |
|
|
Supply schedule |
Is a listing of the various quantities o a particular product supplies at different prices |
|
|
Supply curve |
Graph that shows various quantities supplied at each $ |
|
|
Quantity supplied |
Amount that producers bring to market at different prices |
|
|
Price effect (change in quantity supplied) |
Change in amount offered for sale in response to a change in price |
|
|
Change in supply |
Situation where suppliers offer offer different amounts of product for sale at all possible prices |
|
|
Change in supply |
Situation where supplies offer different amounts of Prost for sale at all possible prices |
|
|
Subsidy |
Govt payment to an individual business or group to encourage and protect a certain type of econ activity |
|
|
Supply elasticity |
Measure of the way in which quantity supplied responds to a change in price |
|
|
Theory of production |
Deals with the relationship between the factors of production and the output of goods and services |
|
|
Short Run |
Period of production that allows producers to change only the amount f the variable input (labor) |
|
|
Long Run |
Period of production Lon enough for producers to adjust the quantities of all their resources |
|
|
Law of variable proportions |
In the short run, output will change as 1 input is varied while others are held constant |
|
|
Production function |
Concept that describes the relationship between changes in output to different amounts of a single input while other inputs are held constant |
|
|
Raw materials |
Unprocessed natural products used in production |
|
|
Total product |
Total out put produced by the firm |
|
|
Three stages of production |
Stage 1: workers hired and trained Stage 2: total production grows Stage 3: too many workers hired and marginal production decreases |
|
|
Fixed cost |
Cost that a bush was incurs even de plant is idle and output is 0 |
|
|
Variable cost |
Cost that changes when the business rate of operation or output chnage |
|
|
Total cost |
Fixed cost + variable cost |
|
|
Marginal cost |
Extra cost incurred when a business produces one additional unit of a product |
|
|
E-commerce |
Electronic business or exchange conducted over the Internet |
|
|
Total revenue |
# of units sold • average price per unit |
|
|
Marginal analysis |
Cost-benefit decision making that compares the extra benefit to the extra cost of an action |
|
|
Break-even point |
Total output or total product the business needs to sell in order k cover its total cost |
|
|
Profit-maximizing quantity of output |
Reached when marginal cost and marginal revenue are equal |
