Economics- Chapter 5: Supply

10 cards

This Is Basically About The Supply In Economics. Very Basic Stuff


 
  
Created Jan 14, 2009
by
mpark8291

 

 
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1
What is supply?
 
The quantity of goods and services and services that producers are willing to offer at VARIOUS...
2
What is Quantity supplied?
 
The amount of good and services that a producer is willing to sell at EACH particular price.
3
What does the law of supply infer?
 
Producers supply more goods and services when they can sell them at higher prices and vice...
4
What is the Elasticity of supply?
 
The degree to which price effect the quantity supplied
5
What 3 things cause an ELASTIC supply?
 
1) Quickly made 2) Inexpensively made 3) Uses few, readily available resources looks horizontal
6
List the 5 determinants of supply
 
1) Price of resources 2) Technology 3) Gov't tools 4) Competition 5) Producer expectations
7
In which three ways does the government effect the supply?
 
1) taxes 2) Subsidies- money given to private businesses. 3) Regulations set.
8
What is productivity?
 
Tells producers how efficiently their resources are being used.
9
What is Marginal cost?
 
the additional cost of each unity produced with another level of input
10
What is the cost of production.
 
The total cost of materials, labor, and other inputs required in the manufacture of a product.


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