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Economics Supply > Supply > Flashcards

Supply Flashcards

1
Q

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

A

Supply

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2
Q

Anyone who provides goods or services is a —–?

A

Producer

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3
Q

The two key words in the definition of supply are — and —-?

A

Willingness and Ability

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4
Q

—– is a major factor that influences supply

A

Price

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5
Q

——- states that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases

A

Law of Supply

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6
Q

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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7
Q

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

A

Market Supple Schedule

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8
Q

Lists various prices of a good or service

A

Left-Hand Column

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9
Q

Shows the quantity supplied at each price

A

Right-Hand Column

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10
Q

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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11
Q

Shows the data from the market supply schedule

A

Market supply curve

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12
Q

Slopes from the lower left-hand corner of the graph to the upper right-hand corner

A

Normal Supply Curve

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13
Q

Change in total product that results from hiring one more worker is called ——-?

A

Marginal product

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14
Q

Having each worker focus on a particular facet of production is called —-?

A

Specialization

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15
Q

Shows the relationship between labor and marginal product

A

Marginal Product Schedule

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16
Q

Occur when hiring new workers causing marginal product to increase

A

Increasing Returns

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17
Q

Occurs when hiring new workers causes marginal product to decrease

A

Diminishing Returns

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18
Q

When marginal product becomes negative and total output decreases

A

Negative Returns

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19
Q

The goal of every business is to earn as much —– as possible

A

Profit

20
Q

Expenses that the owners of a business must incur whether they produce nothing, little, or a lot

A

Fixed Costs

21
Q

What is an example of a fixed cost?

A

Insurance

22
Q

Business costs that vary as the level of production output changes

A

Variable Costs

23
Q

What is an example of a variable cost?

A

Hourly Wages

24
Q

Businesses find the —— of production by adding fixed and variable costs together

A

Total Cost

25
Q

The extra cost of producing one more unit

A

Marginal Cost

26
Q

Is determined by dividing change in total cost by change in initial product

A

Marginal Cost

27
Q

The added revenue per unit of output, or the money made from each additional unit sold

A

Marginal Revenue

28
Q

Marginal Revenue is —-?

A

Constant

29
Q

The income a business receives from selling a product

A

Total Revenue

30
Q

You determine —— by subtracting total costs from total revenue

A

Profit

31
Q

At the ——– , total costs and total revenues are exactly equal

A

Break-Even Point

32
Q

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

A

Maximizing Output

33
Q

The different points on a supply curve show changes in —–?

A

Quantity Supplied

34
Q

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

Change in Quantity Supplied

35
Q

A movement to the —- indicates an increase in both price and quantity supplied

A

Right

36
Q

A movement to the —– shows a decrease in both price and quantity supplied

A

Left

37
Q

Occurs when something prompts producers to offer different amounts for sale at every price

A

Change in Supply

38
Q

A factor that can cause change in supply

A

Input Cost

39
Q

The price of the resources needed to produce a good or service

A

Input Cost

40
Q

The amount of goods and services that a person can produce in a given time

A

Labor Productivity

41
Q

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

A

Technology

42
Q

A tax on the production or sale of a specific good or service

A

Excise Tax

43
Q

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

A

Subsidy

44
Q

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

A

Government Regulation

45
Q

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

A

Competition

46
Q

A measure of how responsive producers are to price changes

A

Elasticity of supply

Economics Supply (1 decks)

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