Term
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Definition
| The quantity of goods and services producers are willing to offer at various prices during a time. |
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Term
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| The amount of a good or service that a producer is willing to sell at each particular price |
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| 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- |
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Definition
| amount of money producers make ater paying of their costs |
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Definition
any cost consumer must pay
utility bills
raw materials
wages
salaries
rent/ other goods or services to produce product |
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Definition
| schedule, which lists the q of a product that producers are willing to SUPPLY at various market prices |
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Definition
| Plots the information from the supply schedule onto a graph |
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Definition
| small price change BIG QS change |
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| Small price drop will cause (elastic) the Q supplied to? |
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Definition
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| Products will elastic supply can usually be made... |
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Definition
1. quickly
2. Inexpensivly
3. using few resources |
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| elastic supply curves are almost |
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Definition
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Definition
| change of price has little effect on q of s. |
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Definition
1. made slowly
2. exspensive
3. many resources |
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| inelastic looks almost_____ on a supply curve |
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Definition
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Term
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Definition
1. price of resources
2. Technology
3. Gov. Tools
4. Competition
5. Producer expectations |
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Term
| Prices of resources (input costs) |
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Definition
| Factors of production such as raw materials, electricity, wages... |
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Definition
| New tech. makes production cheaper and eventually saves money |
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| gov. gives money to buisnesses to keep costs down :) |
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Definition
| Strict laws that increases costs, thus increasing supply |
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| As more producers enter a specefic market there is.... |
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Definition
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| Competition_________s supply |
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Definition
| producers try to forecast the future (price and income) |
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| producers will increase supply if they think |
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Definition
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Definition
| tells producers how efficently their resources are being used |
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Definition
| amount of product a company can make in a given time period, with given level imput |
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Term
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Definition
| additional outpuf obtained by emplying one more unit of input XD |
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| law of diminishing returns |
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Definition
| eventually the marginal product will fall |
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Definition
| costs that do not change level of output |
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Definition
a. rent
b. salaries
c. property taxes
d. insurance |
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Definition
| do change as level of output changes |
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Definition
| sum of both variable and fixed costs |
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Term
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Definition
| the additional cost of each unit. Look at change in varible cost from the marginial increase, and divide it to find marginal costs. |
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