Section 3 Flashcards
0
Q
Change in supply
A
Occurs when a change in the marketplace prompts producers to sell different amounts at every price.
1
Q
Change in quantity supplied
A
Is a rise or fall in the amount producers offer for sale because of a change in price.
2
Q
Input costs
A
Are the price of the resources used to make products.
3
Q
Labor productivity
A
Is the amount of goods and services that a person can produce in a given time.
4
Q
Technology
A
Entails applying scientific methods and innovations to production.
5
Q
Excise tax
A
Is a tax on the making or selling of certain goods or services.
6
Q
Regulation
A
Is a set of rules or laws designed to control business behavior.
