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5-3 Vocabulary jw

QuestionAnswer
A rise or fall in the amount producers offer for sale because of a change in price. Change in quantity supplied
Occurs when a change in the marketplace prompts producers to sell different amounts at every price. Change in supply
the price of the resources used to make products. Input costs
Factors of production that are required to produce goods and/or services. Input
The amount of goods and services that a person can produce in a given time. labor productivity
Entails applying scientific methods and innovations to production. Technology
A tax on the making or selling certain goods or services. Excise tax
A set of rules or laws designed to control business behavior. regulation
What six factors affect supply? Input costs, labor productivity, technology, government regulation, producer expectations, number of producers
Created by: joannw15
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