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Definition
| Amount of product offered at each price |
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| The principle that suppliers will normally offer more for sale at high prices and less at lower prices. |
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| A listing of the various quantities of a particular product supplied at all possible prices in the market. |
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| The supply curve that shows the quantities offered at various prices by all firms tha offer the product for sale in a given market. |
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Definition
| The amount that producers bring to market at any given price. |
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| Chage in Quantity Supplied |
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Definition
| The change in amount offered for sale in response to a change in price. |
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Definition
| A situation where suppliers offer different amounts of products for sale at all possible prices in the market. |
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| A goverment payment to an individual, business, or other group to encourage or protect a certain type of economic activity. |
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Definition
| A measure of the way in which quantity supplied responds to a change in price. |
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| Deals with the relationship between the factors of production and the output of goods and servicesl. |
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| A period of production that allows producers to change only the amount of the variable input called labor. |
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| A period of production long enough for producers to adjust the quantites of all their resources, including capital. |
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| Law of Variable Proportions |
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Definition
| States that, in the short run, output will cahnge as input is varied while the others are held constant. |
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| A concept that describes the relationship between changes in output to different amounts of a single input while other inputs are held constant. |
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Definition
| Unprocessed natural products used in production. |
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Definition
| Total output produced by the firm. |
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| The extra output or change in total product caused by the addiction of one more unit of variable input. |
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Definition
| Increasing returns, diminishing returns,-that are based on the way marginal product changes as the variable input of labor is changed, |
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Definition
| The stage where output increases at a diminishing rate as more units of a variable input are added. |
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Definition
| The cost that a business incurs even if the plant is idle and ourput is zero. |
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| Cost that changes when the business rate of operation or output changes. |
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| The sum of the fixed and variable costs. |
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Definition
| The extra cost incurred when a business produces one additional unit of a product. |
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Definition
| Eletronic business or exchange conducted over the Internet-does not need to spend large sums of money to rent a building and stock it with inventory. |
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Definition
| The number of units sold multiplied by average price per unit. |
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Definition
| The extra revenue associated with the production and sale of one additional unit of output. |
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| A type of const-benefit decision making that compares the extra benefits to the extra costs of an action. |
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Definition
| The total output or total product that business needs to sell in order to cover its total costs. |
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| Profit-maximizing Quantity of Output |
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Definition
| Reached when marginal cost and marginal revenue are equal. |
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Term
| Supply curve is always ______ sloping. |
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Definition
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Term
| Eight (8) causes of change in supply. |
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Definition
1) Cost of Input
2)Productivity
3)Technology
4)Taxes
5)Subsidies
6)Expectations
7)Government Regulations
8)Number of Sellers |
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Term
| Supply goes up, supply curve goes _____. |
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Definition
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| Supply goes down, supply curve goes ______. |
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Definition
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| Supply elasticity depends on the ______ of production. |
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Definition
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Term
| When looking at the elasticity of supply, you always look at the ______. |
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Definition
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Term
| Stage I of Production is known as... |
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Definition
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| Stage II of Production is known as... |
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Definition
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| Stage III of Production is known as... |
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Definition
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Term
| A business will always operate in... |
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Definition
| Stage II of Production (Diminishing Returns) |
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Term
| When marginal cost and marginal revenue are ______, that's where you should operate. |
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Definition
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