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17 Cards in this Set
- Front
- Back
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Law of Supply
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suppliers will offer more of a good at a higher price
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market supply schedules
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chart that lists how much of a good all suppliers will offer at different prices
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market supply curve
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the quantity supplied by all producers in a market at diffent prices
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elasticity of supply
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measuer of the way quantity supplied reacts to a change in price
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factors affecting elasticity of supply
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Time,
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supply
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amount of goods available
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quantity supplied
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how much of a good is offered for a sale at a specific price
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specialization
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focus on one task
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marginal
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plus or minus 1
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Fixed cost
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cost that does not change, regardless of how much of a good is produced, rent &salaries
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Variable costs
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costs that rise or fall depending on how much is produced-raz materials, some labor costs
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marginal cost
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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-usually equal to price
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Total Cost
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fixed costs plus variable costs
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subsidies
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government payment that supports a business or market, cause the supply of a good to increase
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excise tax
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tax on the production of sale of a good government can reduce the supply of some goods by placing
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regulation
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government steps into a market to affect the price, quantity of a good-usually raises costs
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