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Economics: Chapter Five: Notes : Supply
Economics: Chapter Five: Notes : Supply
20
Economics
12th Grade
02/08/2015

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Cards

Term
What Is Elasticity?
Definition
Small Increase In Price Leads To Large Increase In Supply
Term
What Is Unit Elasticity?
Definition
When Price And Supply Change Are Proportional
Term
What Are The Determinants Of Elasticity?
Definition
Adjusting Production Can Be Done Quickly

Simple Production With No Advance Planning

If Substitution For A Given Product Is Easy
Term
What Is Change In Quantity Supplied?
Definition
Change In Amount Offered Due To Price Change
Term
In What Direction Do Supply Curves Move?
Definition
Up And To The Right
Term
What Causes A Supply Curve To Shift To The Left?
Definition
Less Supply
Term
What Causes A Supply Curve To Shift To The Right?
Definition
More Supply
Term
What Is Supply?
Definition
Amount Of Product Offered At All Possible Market Prices
Term
What Is Change In Supply?
Definition
Suppliers Offer Different Amounts Of Product For Sale At All Possible Prices
Term
What Is Law Of Supply?
Definition
Costs More Make More
Costs Less Make Less
Term
When The Price Falls Too Low?
Definition
You Can Stop Producing
Term
What Factors Cause Change In Supply?
Definition
Cost Of Inputs

Productivity Levels

Technology
Term
What Are Examples of Fixed Costs?
Definition
Rent
Salaries
Taxes
Depreciation
Term
What Is Marginal Product?
Definition
Extra Output From One Additional Worker
Term
What Is Stage One Increasing Returns?
Definition
As Marginal Product Continues To Grow For Every Additional Worker
Term
What Is Stage Two Diminishing Returns?
Definition
Each New Worker Hired Causes Marginal Product To Decrease
Term
What Is Stage Three Negative Returns?
Definition
For Each Additional Employee Hired Marginal Product Becomes Negative
Term
What Is Total Product?
Definition
Output You Produce
Term
What Is Total Revenue?
Definition
Average Price Multiplied By How Much Sold
Term
What Is Law Of Variable Proportions?
Definition
Output Will Change When Only One Variable Is Not Kept Constant
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