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20 Cards in this Set
- Front
- Back
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Supply
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The amount of goods available
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Law of Supply
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Tendency of suppliers to offer more of a good at a higher price
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Quantity supplied
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The amount a supplier is willing and able to supply at a certain price
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Supply schedule
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A chart that lists how much of a good a supplier will offer at different prices
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Variable
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A factor that can change
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Market supply schedule
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A chart that lists how much of a good all suppliers will offer at different prices
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Supply curve
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A graph of the quantity supplied of a good at different prices
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Market supply curve
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A graph of the quantity supplied of a good by all suppliers at different prices
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Elasticity of supply
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A measure of the way quantity supplied reacts to a change in price
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Marginal product of labor
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The change in output from hiring one additional unit of labor
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Increasing marginal returns
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A level of production in which the marginal product of labor increases as the number of workers increases
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Diminishing marginal returns
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A level of production in which the marginal product of labor decreases as the number of workers increases
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Fixed cost
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A cost that does not change, no matter how much of a good is produced
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Variable cost
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A cost that rises or falls depending on how much is produced
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Total cost
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Fixed costs plus variable costs
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Marginal cost
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The cost of producing one more unit of a good
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Marginal revenue
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The additional income from selling one more unit of a good; sometimes equal to price
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Operating cost
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The cost of operating a facility, such as a store or factory
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Subsidy
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A government payment that supports a business or market
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Excise tax
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A tax on the production or sale of a good
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