Reading...
Play button
Play button
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;
15 Cards in this Set
- Front
- Back
|
define variable
|
a factor that can change
|
|
|
define quantity supplied
|
how much of a good is offered at a specific price
|
|
|
define market supply schedule
|
relationship between price and quantity supllied for all firms (businesses)
|
|
|
Define elasticity of supply
|
the measure of how suppliers react to a change in price
|
|
|
example of a good that would havde inelastic supply in the short run
|
a car would have inelastic supply because the factor could not increase the number of cars it produces in the short run, it would take a long time to build new factories to produce more cars (long run)
|
|
|
define law of supply
|
the higher the price the larger the quantity produced
|
|
|
define inelastic supply
|
term used to describe the supply for a product that cannot easily or quickly expand or reduce its production
|
|
|
define supply curve
|
a graph of data in a supply schedule
|
|
|
define elastic supply
|
When the supply can drastically increase or decrease in the short run (quickly)
|
|
|
What does a supply schedule show?
|
the supply for a specific good
|
|
|
How would import restrictions affect prices and supply?
|
it would cause prices to go up
|
|
|
If you know the price of the product your selling will go up in a few weeks, What would you do to make more money?
|
Hold back your product and sell it when the price goes up.
|
|
|
What's has the most impact in determining the elasticity or inelasticity of supply?
|
Time
|
|
|
Define fixed cost?
|
a cost that doesn't change in the short run. example rent
|
|
|
List two ways in which government can impat supply?
|
Tarriffs (taxes on imports) and subsidies
|
