Term
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Definition
| quantity of goods services that producers are willing and able to offer at various possible prices during a given time period |
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Definition
| amount of a good or service that a producer is willing to sell at each particular price |
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| states that producers supply more goods and services when they can sell them at higher prices and fewer goods and services when they must sell them at a lower |
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| amount of money remaining after producers have paid all of their costs |
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Definition
| costs that include wages and salaries, rent, interest on loans, bills for electricity, raw materials, and any other goods and services used to manufacture a product |
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Definition
| lists each quantity of a product that producers are willing to supply at various market prices |
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| plots information on a graph from a supply schedule |
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| degree to which price changes affect the quantity supplied |
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Definition
| exists when a small change in price causes a major change in the quantity supplied |
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| exists when a change in a good's price has little impact on the quantity supplied |
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Term
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Definition
| nonprice factors that influences the available supply of a good or service |
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Definition
| required payment of money to the government to help fund government services |
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| payments to private businesses by the government |
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| rules that a government establishes and enforces to protect the public or provide equal access to specific goods and services |
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Definition
| all of the product a company makes in a given period of time with a given amount of input |
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Definition
| the change in output generated by adding one more unit of input |
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Term
| law of diminishing returns |
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Definition
| describes effect that varying the level of an input has on total and marginal product |
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Term
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Definition
| production costs that do not change as the level of output changes |
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Term
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Definition
| lessening in value of capital goods |
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| change as level of output changes |
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Definition
| sum of fixed and variable production costs |
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| additional costs of producing one more unit of output |
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Term
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Definition
| sum of a businesses's fixed costs except for wages and material costs |
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