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;
28 Cards in this Set
- Front
- Back
|
Supply |
Quantities of a product or service available for sale |
|
|
Supply Schedule |
Table that shows quantities supplied at different price |
|
|
Supply Curve |
Graphic representation of quantities at each price |
|
|
Law of supply |
States that quantity supply is greater at higher price |
|
|
Change in quantity supplied |
Change in number of units due to price change |
|
|
Price elasticity of supply |
Measures responsiveness supplied to changes |
|
|
Change in supply |
Change in number of units supplied at all prices |
|
|
Factor of production |
Anything used to produce a good or service |
|
|
Land |
Broad measure representing natural resources |
|
|
Labor |
Human factor of production |
|
|
Capital |
Previously produced goods used to produce other goods |
|
|
Entrepreneurship |
Manageable ability and risk taking |
|
|
Total product |
All units of a product produced at a period of time |
|
|
Average product |
Number of output units produced per unit of input |
|
|
Marginal product |
Increase or decrease dependent on added input |
|
|
Short run |
When one unit is fixed and other usable amounts can change |
|
|
Diminishing marginal product |
When more of one output is added, marginal input decreases |
|
|
Long run |
The amounts of all inputs can be changed |
|
|
Scale of production |
Overall level of use of factors of production |
|
|
Return to scale |
Relationship between changes in production and change in the amount output |
|
|
Explicit costs |
Payment made to others as cost of running a business |
|
|
Opportunity costs |
Value of any alternative you must give up when you make a choice |
|
|
Equilibrium price |
Price at which quantity demand equals quantity supply |
|
|
Equilibrium quantity |
Quantity that is both demanded and supplied at equal price |
|
|
Shortage |
Quantity demand is greater than quantity supplied at certain price |
|
|
Surplus |
Quantity supplied is greater than quantity demand at certain price |
|
|
Price floor |
Minimum price set by government above market equilibrium |
|
|
Price ceiling |
Maximum price set by government below market equilibrium |
