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20 Cards in this Set
- Front
- Back
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Supply |
Amount of a product offered for sale at all possible process |
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Law of supply |
Principle that more will be offered for sale higher prices than at lower prices |
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Supply schedule |
A table showing how much a producer will supply at all possible prices |
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Supply curve |
A graph that shows the different amounts of a product supplied over a range of possible prices |
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Market supply curve |
A graph that shows the various amounts offered by all forms over a range of prossible prices |
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Quantity supplied |
Amount offered for sale at a given price. |
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Change in quantity supplied |
Change in amount offered for sale when the price changes |
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Change in supply |
Situation where different accounts are offered for sale at all possible prices in the market; shift of the supply curve |
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Subsidy |
government payment to encourage or protect a certain economic activity |
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Supply elasticity |
A measure of how the quantity supplied respond to a change in price |
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Production function |
A graph showing how a change in the amount of A single variable input changes total output |
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Short run |
Production period So short the only the variable input (usually labor) can be change |
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Long run |
Production period long enough to change the amount of all inputs |
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Total product |
Total output or production by a firm |
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Marginal product |
Extra output due to the addition of one more unit of input |
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Stages of production |
Phases of production that consists of increasing decreasing and negative marginal returns |
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Diminishing returns |
Stage where output increases at a decreasing rate as more units of variable inputs are added |
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Fixed costs |
Costs that remain the same regardless of level of production or services offered |
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Overhead |
Broad category of fixed cost that includes rent taxes and executive salaries |
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Variable cost |
Production cost that change when the production levels change |
