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18 Cards in this Set
- Front
- Back
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law of supply?
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principle that more will be offered for sale at higher prices than at low prices |
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What is change in supply? and what are 8 examples? |
Different amounts offered for sale at each and every possible price in the market; shift of the supply curve -cost of resources, productivity, technology, taxes, subsidies, government regulations, number of sellers, expectations |
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What does the slope on the supply curve show? |
All normal supply curves have a positive slope that goes up when you read the diagram from left to right. This shows that if the price goes up, the quantity supplied will go up as well |
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What are the three stages of production in order? |
1. Increasing marginal returns
2. decreasing marginal returns 3. negative marginal returns |
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Different examples of types of costs?
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1. fixed costs
2. variable costs 3. total cost 4. marginal cost |
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What is the cost-benefit analysis? |
A decision making process that weighs the pros and cons of different alternatives to see if the benefit outweigh the cost. |
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profit maximizing? |
Level of production where marginal cost is equal to marginal revenue |
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Theory of production? |
deals with the factors of production and what not
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How does ecommerce affect business? Does it cause it to go up or down? |
an electronic business conducted over the internet. causes business to go up because they save a lot of money and prices are much lower |
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Total revenue? |
Total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold
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Marginal Revenue? |
Extra revenue from the sale of one additional unit of output |
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Total cost is the sum of what? |
fixed and variable cost |
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The total cost of production is determined by what? |
All the costs a business faces in the course of its operations |
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what changes quantity in supply?
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Price |
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what causes the amount of production to go up or down? |
change in supply |
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short run? |
production period so short that only variable inputs can be changed |
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long run? |
production period long enough to change amount of variable and fixed inputs used in production |
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total product? |
total amount that is produced |
