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