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Vocabulary
Chapter 5
14
Economics
12th Grade
10/19/2010

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Cards

Term
Supply
Definition
schedule of quantities offered for sale at all possible prices in a market.
Term
law of supply
Definition
rule stating that more will be offered for sale at high prices than at lower prices.
Term
supply schedule
Definition
tabular listing showing the quantities produced or offered for sale at each and every possible price in the market.
Term
supply curve
Definition
graphical representation of quantities produced or offered for sale at each and every possible price in the market.
Term
market supply curve
Definition
supply curve that shows the quantities offered at various prices by all firms that sell the product in a given market.
Term
subsidy
Definition
government payment to encourage or protect a certain economic activity.
Term
supply elasticity
Definition
responsiveness of quantity supplied to a change in price.
Term
theory of production
Definition
theory dealing with the relationship between the factors of production and the output of goods and services
Term
raw materials
Definition
unprocessed natural resources used in production.
Term
production function
Definition
graphic portrayal showing how a change in the amount of a single variable input affects total output.
Term
total product
Definition
total output or production by a firm.
Term
marginal product
Definition
extra output due to the addition of one more unit of input.
Term
stages of production
Definition
phases of production-increasing, decreasing, and negative returns.
Term
diminishing returns
Definition
stage of production where output increases at a decreasing rate as more units of variable input are added.
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