Chapter 5 Flashcards Preview

ECONOMICS Mid-Term '15 > Chapter 5 > Flashcards

Flashcards in Chapter 5 Deck (13):
0

The amount of good available

Supply

1

Tendency of suppliers to offer more of a good at a higher price

Law of Supply

2

A chart that lists how much of a good a supplier will offer at different prices

Supply Schedule

3

A factor that can change

Variable

4

A graph of the quantity supplied of a good at different prices

Supply Curve

5

A measure of the way quantity supplied reacts to a change in price

Elasticity of Supply

6

A cost that does not change, no matter how much of a good is produces

Fixed Cost

7

A cost that rises or falls depending on how much is produced

Variable Cost

8

The cost of producing one more unit of a good

Marginal Cost

9

The cost of operating a facility such as a store or factory

Operating Cost

10

A government payment that supports a business or market

Subsidy

11

A tax on the production or sale of a good

Excise Tax

12

Government intervention in a market that affects the production of a good

Regulation