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Economics

Econ Chapter 5

TermDefinition
diminishing marginal returns a level of production in which the marginal product of labor decreases as the number of workers increases
elasticity of supply a measure of the way quantity supplied reacts to a change in price
excise tax a tax on the production or sale of a good
fixed cost a cost that does not change, no matter how much of good is produced
increasing marginal returns a level of production in which the marginal product of labor increases as the number of workers increases
law of supply tendency of suppliers to offer more of a good at a higher price
marginal cost the cost of producing one more unit of a good
marginal product of labor the change in output from hiring one additional unit of labor
marginal revenue the additional income from selling one more unit of a good; sometimes equal to price
market supply curve graph of the quantity supplied of a good by all suppliers at different prices
operating cost the cost of operating a facility, such as a store of factory
quantity supplied the amount a supplier is willing and able to supple at a certain price
regulation government intervention in a market that affects the production of a good
subsidy a government payment that supports a business or market
supply the amount of goods available
supply curve a graph of the quantity supplied of a good at different prices
supply schedule a chart that lists how much of a good a supplier will offer at different prices
total cost fixed costs plus variable costs
variable a factor that can change
variable cost a cost that rises or falls depending on how much is produced
Created by: halvy
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