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Law of Supply
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Econ
Ch 4 Demand
| Term | Definition |
|---|---|
| Supply | the Ability and willingness of sellers to make things available for sale |
| Law of Supply | the Belief that as the price of a good rises,the quantitysupplied will rise |
| Supply schedule | a way to show the law of supply using a chart it shows the quantity of a good offered at each possible market price |
| Supply Curve | a graph showing that suppliers are more willing to sell at higher prices than lower prices |
| Elasticity of supply | the measure of how changes in price affect the quantity of supply |
| Elastic supply | when a change in price has a big effect on the quantity supplied |
| Inelastic supply | when a change has very little effect on the quantity supplied |
| Tax | money that people and businesses pay to help pay the cost of government |
| Subsidy | a government grant |
| Price support | a government guaranteed minimum price farmers receive for their product |
| Law of variable proportions | the belief that in the short run,changing one of the inputs changes the output |
| Production schedule | a table that shows how the number of workers affects productivity and marginal product |
| Marginal product | the extra amount produced by adding one resource to production |
| Increasing returns | when adding resources increases production |
| Diminishing returns | when adding resources is not always a good thing . It can cause production to slow down slightly |
| Negative Returns | when adding resources causes production to be less than before |
| Marginal Cost | the additional cost of producing one more unit |
Created by:
mtrampf
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