Economics Chp.7 (2)

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Anonymous
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235924
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Economics Chp.7 (2)
Updated:
2013-09-19 22:44:06
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Economics OHS
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1st 9 weeks
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  1. Price of Inputs 
    (Determinants of Supply)
    Cost of labor, raw materials, utilities, fuel cost to deliver products
  2. Number of Providers in the Industry 
    (Determinants of Supply)
    The more players, the more competition, lower prices
  3. Taxes 
    (Determinants of Supply)
    Increase in taxes required to meet government regulation prompt price increases
  4. Technology 
    (Determinants of Supply)
    Can improvements in the use of new or better technology increase productivity or reduce cost
  5. The Law of Diminishing Returns
    A company can increase productivity to a point, but at the point, productivity begins to decrease
  6. Equilibrium Price
    Where demand and supply curves cross on a graph
  7. Shortage
    Quantity demanded is greater than quantity supplied
  8. Surplus
    Supply available is greater than demand
  9. Rationing
    Government mandated restriction on goods available
  10. Black Market
    Illegal transaction (scalping tickets, drugs)
  11. Price Ceiling
    Government imposed restriction on how high a price a product can be sold. Maximum 
  12. Price Floor
    • Government imposed restriction on how low a price can be sold.
    • Minimum 

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