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U.S. Government > Economics test 4 Supply > Flashcards

Economics test 4 Supply Flashcards

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1
Q

What is a table that shows how much of a good or service an individual producer is willing and able to offer for sale at each price in a market?

A

supply schedule

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2
Q

What is a table that shows how much of a good or service all producers in a market are willing and able to offer for sale at each price?

A

market supply schedule

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3
Q

The _____ of the table lists various prices of a good or service.

A

left-handed column

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4
Q

The ______ shows the quantity supplied at each price.

A

Right-handed column

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5
Q

What is a graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price?

A

supply curve.

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6
Q

What shows data from the market supply schedule?

A

market supply curve

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7
Q

All normal supply curves slope from the ____ ____ corner of the graph to the ____ _____ corner

A

lower left

upper right

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8
Q

Normal supply curves have a _____ slope and show that if one value goes up the other will ____.

A

positive

go up too

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9
Q

What refers to the willingness and ability of producers to offer goods and services for sale?

A

supply

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10
Q

Anyone who provides goods or services is a ________.

A

producer

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11
Q

The 2 key words in the definition of supply are ___________ and __________.

A

willingness and ability

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12
Q

As is true with demand, _____ is a major factor that influences supply.

A

price

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13
Q

What states that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases?

A

law of supply

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14
Q

The change in total product that results in hiring one more worker is called the ______ _______.

A

marginal product

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15
Q

Having each worker focus on a particular facet of production is called _____________.

A

specialization

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16
Q

What shows the relationship between labor and marginal product?

A

marginal product schedule

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17
Q

What occurs when hiring new workers causes marginal product to increase?

A

increasing returns

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18
Q

What occurs when hiring new workers causes marginal product to decrease?

A

diminishing returns

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19
Q

What happens when the marginal product becomes negative and total output decreases?

A

negative returns

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20
Q

What is the goal of every business?

A

to earn as much profit as possible

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21
Q

What are expenses that the owners of a business must incur whether they produce nothing, a little or a lot?

A

fixed costs

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22
Q

What are examples of fixed costs?

A
  • mortgage
  • insurance
  • taxes
  • interest charges on bonds
  • depreciation
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23
Q

What are business costs that vary as the level of production output changes?

A

Variable costs

24
Q

What are examples of variable costs?

A
  • shipping
  • hourly wages
  • electricity to power machines
  • raw materials
25
Q

How did businesses find the total cost of production?

A

fixed costs + variable costs

26
Q

What is the extra cost of producing one more unit?

A

marginal cost

27
Q

What is determined by dividing change in total cost by change in total product?

A

marginal cost

28
Q

What is the added revenue per unit output, or the money made from each additional unit sold?

A

marginal revenue

29
Q

What is constant?

A

marginal revenue and fixed costs

30
Q

What is the income a business receives from selling a product?

A

total revenue

31
Q

You determine ____ by subtracting total costs from total revenue?

A

profit

32
Q

At the break-even point, total _____ and total ______ are exactly equal.

A

costs and revenue

33
Q

What is the level of production at which business realizes the greatest amount of profit?

A

profit maximizing output

34
Q

Total Cost equation?

A

total cost = fixed cost + variable cost

35
Q

marginal cost equation

A

change in total cost/ change in total product

36
Q

total revenue equation

A

Marginal revenue X total product

37
Q

profit equation

A

total revenue - total cost

38
Q

The different points on a supply curve show changes in ______ ________.

A

quantity supplied

39
Q

Change in _________ __________ is an increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price.

A

quantity supplied

40
Q

As QS changes, the change shown is by _______ ______ _____ (right or left) along the supply curve.

A

the direction of movement

41
Q

A movement to the _____ indicates an increase in both price and quantity supplied.

A

right

42
Q

A movement to the ______ shows a decrease in both price and quantity supplied.

A

left

43
Q

when something prompts producers to offer different amounts for sale at every price, What occurs?

A

a change in supply

44
Q

What are six factors that cause a change in supply?

A
  • input costs
  • labor productivity
  • technology
  • government actions
  • producer expectations
  • number of producers
45
Q

What are the price of the resources needed to produce a good or service?

A

input costs

46
Q

What is the amount of goods and services that a person can produce in a given time?

A

Labor productivity

47
Q

What involves the application of scientific methods and discoveries to production process, resulting in new products or new manufacturing techniques?

A

technology

48
Q

What is a tax on the production or sale of a specific good or service?

A

excise tax

49
Q

__________ are often placed on items such as alcohol and tobacco— things whose consumption the govt is interested in discouraging.

A

excise taxes

50
Q

What is a govt payment that partially covers the cost of an economic activity?

A

subsidy

51
Q

Most forms of _______ ________ in the US receive some sort of subsidy.

A

energy production

52
Q

______ _______, the act of controlling business behavior through a set of rules or laws, can affect supply.

A

govt regulation

53
Q

What has a major impact on supply, as producers enter and leave the market constantly?

A

Competition

54
Q

What is a measure of how responsive producers are to price changes?

A

Elasticity of supply

55
Q

The ease of changing production to respond to price change is the main factor in determining what?

A

elasticity of supply

U.S. Government (9 decks)

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