Term
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Definition
| the amount of goods available |
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Term
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Definition
| the higher the price the larger the quantity. |
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Term
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Definition
| why higher the price the larger the quantity? |
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Term
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Definition
| How much of a good is offered for sale at a specific price. |
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Term
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Definition
| a chart that lists how much of a good a supplier will offer different price |
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Term
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Definition
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Term
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Definition
| a chart that lists how much of agood all suppliers will offer at different prices |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| a graph of the quantity supplied of a good at different prices |
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Term
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Definition
| why do supply curves always rise from left to right? |
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Term
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Definition
| tendency of suppliers to offer more of a good at a higher price |
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Term
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Definition
| a measure of the way quantity supplied reacts to a change in price |
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Term
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Definition
| key factor of firms can't easily change output levels quickly |
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Term
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Definition
| shorterm;not sensitive to price |
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Term
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Definition
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Term
| Cost of labor,benefit of labor,production costs |
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Definition
| what factors do suppliers consider in order to decide how much to produce? |
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Term
| Increasing marginal returns |
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Definition
| marginal product of labor increases as the number of workers increase |
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Term
| diminishing marginal returns |
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Definition
| marginal product of labor decreases as the number of workers increases |
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Term
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Definition
| example of diminishing marginal reutrns |
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Term
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Definition
| cost doesn't change no matter how much of a good is produced |
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Term
cost of the building
property taxes
salaries of permanent employees |
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Definition
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Term
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Definition
| costs that rise or fall depending on the quantity produced |
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Term
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Definition
| examples of variable costs |
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Term
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Definition
| fixed costs plus variable costs |
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Term
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Definition
| the cost of producing one more unit of a good |
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Term
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Definition
| total revenue is less than its total cost. |
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Term
| stay open (weather the storm) |
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Definition
| instead of shutdown, ________. |
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Term
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Definition
| additional income from selling one more unit of a good |
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Term
| raw materials, machinery, labor |
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Definition
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Term
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Definition
| can lower production costs |
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Term
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Definition
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Term
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Definition
| government payment that supports a business or market |
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Term
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Definition
| tax on the production or sale of a good usually used to discourage sales |
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Term
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Definition
| examples of increasing production costs |
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Term
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Definition
| government intervention in a market that affects the production of a good |
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Term
| environmental regulations |
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Definition
| regulation that occurred in the 1970's |
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Term
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Definition
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Term
| cost of transportation, proximity of suppliers, and low energy costs |
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Definition
| factors to consider for firms producing |
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Term
| Many consumers, many talented workers, services available |
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Definition
| positive on producing firms. |
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Term
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Definition
| negative on producsing a firm |
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