Details Title: belargh Description: whoooo Total Flash Cards: 34 Created: 10/07/2007 11:58:31		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Economics Flashcards
Cards in this set: Term Supply Definition The quantity of goods and services producers are willing to offer at various prices during a time. Term Quantity Supplied Definition The amount of a good or service that a producer is willing to sell at each particular price Term Law of supply Definition producers supply more goods and serviceces when they can sell them at higher prices and fewer goods and serc. when they must sell at lower prices. P+QS+ P-QS- Term Profit Definition amount of money producers make ater paying of their costs Term Cost of production Definition any cost consumer must pay utility bills raw materials wages salaries rent/ other goods or services to produce product Term Supply Schedule Definition schedule, which lists the q of a product that producers are willing to SUPPLY at various market prices Term Supply Curve Definition Plots the information from the supply schedule onto a graph Term Elastic supply Definition small price change BIG QS change Term Small price drop will cause (elastic) the Q supplied to? Definition Go way up Term Products will elastic supply can usually be made... Definition 1. quickly 2. Inexpensivly 3. using few resources Term elastic supply curves are almost Definition horizontal Term Inelastic supply Definition change of price has little effect on q of s. Term Inelastic supply usually Definition 1. made slowly 2. exspensive 3. many resources Term inelastic looks almost_____ on a supply curve Definition vertical Term Determinants of Supply Definition 1. price of resources 2. Technology 3. Gov. Tools 4. Competition 5. Producer expectations Term Prices of resources (input costs) Definition Factors of production such as raw materials, electricity, wages... Term Technology Definition New tech. makes production cheaper and eventually saves money Term gov. tools Definition taxes T+QS- T-QS+ Term gov. subsidies Definition gov. gives money to buisnesses to keep costs down :) Term Regulations Definition Strict laws that increases costs, thus increasing supply Term As more producers enter a specefic market there is.... Definition compatitionnnn!!! Term Competition_________s supply Definition Increses foo' Term Producer expectations Definition producers try to forecast the future (price and income) Term producers will increase supply if they think Definition prices will fall Term Productivity Definition tells producers how efficently their resources are being used Term total product Definition amount of product a company can make in a given time period, with given level imput Term Marginal product Definition additional outpuf obtained by emplying one more unit of input XD Term law of diminishing returns Definition eventually the marginal product will fall Term fixed costs Definition costs that do not change level of output Term fixed costs include Definition a. rent b. salaries c. property taxes d. insurance Term variable costs Definition do change as level of output changes Term varible costs include Definition a. raw materials b. wages Term total costs Definition sum of both variable and fixed costs Term Marginal costs Definition the additional cost of each unit. Look at change in varible cost from the marginial increase, and divide it to find marginal costs.