Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Economics > Supply > Flashcards

Supply Flashcards

1
Q

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

A

Supply

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Anyone who provides goods or services is a ________

A

producer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

The two key words in the definition of supply are ___________ & _______

A

willingness and ability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

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

A

price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The ___ __ ______ states that when prices decrease, quantity supplied decreases, and when prices increases, quantity supplied increases

A

law of supply

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A ______ ________ 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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A ______ ______ ________ 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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The ____-____ column of the table lists various prices of a good or service

A

left-hand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

The ____-____ column shows the quantity supplied at each price

A

right-hand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

A ______ _____ 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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

A ______ ______ _____ shows the data from the market supply schedule

A

market supply curve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

All ______ ______ ______ slope from the lower left-hand corner of the graph to the upper right-hand corner

A

normal supply curves

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

This is a ________ slope and show that if one value goes up, the other will go up too

A

positive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

The goal of every business is to earn as much ______ as possible

A

profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

_____ _____ are expenses that the owners of a business must incur whether they produce nothing, little or a lot
Ex: 5

A

Fixed costs

Mortgage, insurance, taxes, interest charges on bond, and depreciation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

________ _____ are business costs that vary as the level of production output changes
Ex: 4

A

Variable costs

Shipping, hourly wages, electricity to power machines, raw materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Businesses find the total cost of production by adding _____ & ________ costs together

A

fixed and variable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

________ ____ is the extra cost of producing one more unit

A

Marginal cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

________ ____ is determined by dividing change in total cost by change in total product

A

Marginal cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

________ _______ is the added revenue per unit of output, or the money made from each additional unit sold

A

Marginal revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Marginal revenue is ________

A

constant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

_____ _______ is the income a business receives from selling a product

A

Total revenue

23
Q

You determine ______ by subtracting total costs from total revenue

A

profit

24
Q

At the _____-____ _____, total costs and total revenue are exactly equal

A

break-even point

25
Q

The ______ __________ ______ is the level of production at which a business realizes the greatest amount of profit

A

profit maximizing output

26
Q

The change in total product that results from hiring one more worker is called the ________ _______

A

marginal product

27
Q

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

A

specialization

28
Q

A ________ _______ ________ shows the relationship between labor and marginal product

A

marginal product schedule

29
Q

__________ _______ occur when hiring new workers causes marginal product to increase

A

Increasing returns

30
Q

____________ _______ occur when hiring new workers causes marginal product to decrease

A

Diminishing returns

31
Q

________ _______ happens when marginal product becomes negative and total output decreases

A

Negative returns

32
Q

Total Cost =

A

Fixed Cost + Variable Cost

33
Q

Marginal Cost =

A

Change in total cost / Change in total product

34
Q

Total Revenue =

A

P * Q (Price * Quantity)

35
Q

Profit =

A

Total Revenue - Total Cost

36
Q

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

A

quantity supplied

37
Q

Change in quantity supplied is an increase or decrease in the amount of a good or service that producers are willing to sell because of a change in _____

A

price

38
Q

Notice that as ________ ________ changes, the change is shown by the direction of movement, right or left, along the supply curve

A

quantity supplied

39
Q

A movement to the right indicates an ________ in both price and quantity supplied

A

increase

40
Q

A movement to the left shows a ________ in both price and quantity supplied

A

decrease

41
Q

______ __ ______ occurs when something prompts producers to offer different amounts for sale at every price

A

Change in supply

42
Q

6 factors cause a change in supply

A 
Input costs
Labor productivity
Technology
Government Actions
Producer Expectations
Number of Producers
43
Q

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

A

Input costs

44
Q

_____ ____________ is the amount of goods and services that a person can produce in a given time

A

Labor productivity

45
Q

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

A

Technology

46
Q

An ______ ___ is a tax on the production or sale of a specific good or service

A

excise tax

47
Q

______ _____ are often placed on items such as alcohol and tobacco–things whose consumption the government is interested in discouraging

A

Excise taxes

48
Q

A _______ is a government payment that partially covers the cost of an economic activity

A

subsidy

49
Q

Most forms of energy production in the US receive some form of _______

A

subsidy

50
Q

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

A

Government regulation

51
Q

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

A

Competition

52
Q

__________ __ ______ is also a measure of how responsive producers are to price changes

A

Elasticity of supply

53
Q

The ease of changing production to respond to price change is the main factor in determining __________ __ ______

A

elasticity of supply

Economics (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions