Chpt 5 Econ

Card Set Information

Author:
Anonymous
ID:
6092
Filename:
Chpt 5 Econ
Updated:
2010-02-04 21:58:17
Tags:
chpt 5 econ
Folders:

Description:
words and def for chapter 5 econ
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user Anonymous on FreezingBlue Flashcards. What would you like to do?


  1. Supply
    The amount of goods available.
  2. Law of Supply
    Tendency of suppliers to offer more of a good at a higher price.
  3. Quantity Supplied
    The amount a supplier is willing and able to supply at a certain price.
  4. Supply Schedule
    Chart that lists how much of a good a supplier will offer at different prices.
  5. Variable
    A factor that can change.
  6. Market Supply Schedule
    Chart that lists how much of a good all suppliers will offer at different prices.
  7. Supply Curve
    Graph of the quantity supplied of a good by all suppliers at different prices.
  8. Market Supply Curve
    Graph of the quantity suppled of a good by all suppliers at different prices.
  9. Elasticity of Supply
    A measure of the way quantity supplied react to a change in price.
  10. Marginal Product of Labor
    The change in output from hiring one additional unit of labor.
  11. Increasing Marginal Returns
    Level of which the marginal product of labor increases as the number of workers increases.
  12. Diminishing Marginal Returns
    Level of production in which the marginal product of labor decreases as the number of workers increases.
  13. Fixed Cost
    A cost that does not change, no matter how much of a good is produced.
  14. Variable Cost
    Cost that rises or falls depending on how much is produced.
  15. Total Cost
    Fixed costs plus variable costs.
  16. Marginal Cost
    Cost of producing one or more unit of a good.
  17. Marginal Revenue
    The additional income from selling one more unit of a good; sometimes equal to price.
  18. Operating Cost
    The cost of operating a facility, such as a store or factory.
  19. Subsidy
    Government payment that supports a business or market.
  20. Excise Tax
    Tax on the production or sale of a good.
  21. Regulation
    Government intervention in a market that affects the production of a good.

What would you like to do?

Home > Flashcards > Print Preview