Flashcards in Supply Deck (27)
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1
______ refers to the willingness and ability of producers to offer goods and services for sale.
Supply
2
Anyone who provides good or services is a ______.
producer
3
The two key words in the definition of supply are _____ and _____.
willingness and ability
4
As is true with demand, _____ is a major factor that influences supply.
price
5
_______ states that when prices decrease, quantity supplied decreases, and when prices increases, quantity supplied increases.
The law of supply
6
______ is 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.
A supply schedule
7
_______ schedule is a table that shows how much of a good or service all producers in a market are willing and able to offer for sale at each price.
A market supply
8
The left-hand column of the table lists various prices of ______.
a good or service
9
The right-hand column shows the quantity supplied at ______.
each price
10
______ is a graph that shows how much of a good or service an individual producer is willing and able to offer for sale at a price.
A supply curve
11
_______ shows the data from the market supply schedule.
A market supply curve
12
________ slope from the lower left-hand corner of the graph to the upper right-hand corner. This is _____ and show that if one value goes up, the other will go up too.
All normal supply curves, a positive slope
13
The change in the total product that results from hiring one more worker is called ______.
the marginal product
14
Having each worker focus on a particular facet of production is called ________.
specialization
15
_______ shows the relationship between labor and marginal product.
A marginal product schedule
16
_____ returns occur when hiring new workers causes marginal product to increase.
Increasing
17
______ returns occur when hiring new workers causes marginal product to decrease.
Diminishing
18
_____ returns happens when marginal product becomes negative and total output decreases.
Negative
19
The goal of every business is to earn as much ____ as possible.
profit
20
______ are expenses that the owners of a business must incur whether they produce nothing, a little, or alot.
examples are:
Fixed costs, Mortgage, insurance, taxes, interest charges on bond, and depreciation.
21
______ are business costs that vary as the level of production output changes. Examples are:
Variable costs, Shipping, hourly wages, electricity to power machines, raw materials.
22
_____ find the total cost of production by adding fixed and variable costs together.
Businesses
23
_____ is the extra cost of producing one more unit.
Marginal costs
24
______ is determined by dividing change in total cost by change in total product.
Marginal cost
25
______ is the added revenue per unit of output, or the output, or the money made from each additional unit sold.
Marginal revenue
26
______ is constant.
Marginal revenue
27
