Chapter 5 Econ Vocab
0.0(0)
Studied by 25 people
Call Kai
Learn
Practice Test
Spaced Repetition
Match
FlashcardsCard Sorting
1/24
Earn XP
Description and Tags
Last updated 1:12 PM on 3/29/23
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
25 Terms
1
New cards
supply
the willingness and ability of producers to offer a good or service for sale
2
New cards
law of supply
states that producers are willing to sell more of a good or service at a higher price than they are at a lower price
3
New cards
supply schedule
a table that shows how much of a good or service an individual producer is willing and able to offer for sale at each price in a market
4
New cards
market supply schedule
how much of a good or service all producers in a market are willing and able to offer for sale at each price
5
New cards
supply curve
a graph that shows data from a supply schedule
6
New cards
market supply curve
a graph that shows data from a market supply schedule
7
New cards
marginal product
the change in total output brought about by adding one more worker
8
New cards
specialization
a situation that occurs when individuals or businesses concentrate their efforts in the areas in which they have an advantage for increased productivity and profit
9
New cards
increasing returns
a situation in which hiring new workers cause marginal product to increase
10
New cards
diminishing returns
a situation in which new workers cause marginal product to grow but at a decreasing rate
11
New cards
fixed cost
expenses that business owners incur no matter how much they produce
12
New cards
variable cost
business costs that vary with the level of production output
13
New cards
total cost
the sum of fixed and variable costs
14
New cards
marginal cost
the additional cost of producing one more unit
15
New cards
marginal revenue
the money made from the sale of each additional unit of output
16
New cards
total revenue
the income a business receives from selling its products
17
New cards
profit-maximizing output
the point in production at which a business has reached its highest level of profit
18
New cards
change in quantity supplied
an increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price
19
New cards
change in supply
a situation in which a change in the marketplace prompts producers to offer different amounts for sale at every price
20
New cards
input costs
the price of the resources needed to produce a good or service
21
New cards
labor productivity
the amount of goods and services that a person can produce in a given time
22
New cards
technology
the application of scientific methods and innovations to production
23
New cards
excise tax
a tax on the production or sale of a specific good
24
New cards
regulation
a set of rules or laws designed to control business behavior
25
New cards
elasticity of supply
a measure of how responsive producers are to price changes in the marketplace
