Econ 5
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| law of supply | producers offer more of a good as its price increases and less as its price falls
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| supply | the amount of goods available
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| quantity supplied | the amount that a supplier is willing and able to supply at a specific price
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| certris paribus | all other things held constant
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| supply schedule | chart that lists how much of a good a supplier will offer at various prices
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| variable | factor that can change
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| market supply schedule | chart that list how much of a good all suppliers will offer at various prices
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| supply curve | A graph of the quantity supplied of a good at various prices
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| elasticity of supply | a measure of the way quantity supplied reacts to a change in price
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| marginal product of labor | change in output from hiring one additional unit of labor
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| increasing marginal returns | level of production in which the marginal product of labor increases as the number of workers increases
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| diminishing marginal returns | level of production at which the marginal product of labor decreases as the number of workers increases
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| fixed costs | cost that does not change, no matter how much of a good is produced
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| variable cost | cost that rises or falls depending on the quantity produced
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| total cost | sum of fixed costs plus variable costs
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| marginal cost | cost of producing one more unit of a good
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| marginal revenue | additional income from selling one more unit of a good; sometimes equal to price
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| average cost | total cost divided by the quantity produced
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| operating cost | cost of operating a facility, such as a factory or a store
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| subsidy | A government payment that supports a business or market
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| excise tax | The government tax on the production or sale of a good that will affect the supply of that good
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| regualtion | government intervention in a market that affects the production of a good
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| How is total cost of a factory determined? | Adding fixed costs plus variable costs together
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| How is profit determined? | Subtracting total cost from total revenue
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| In what situation would a factory that is losing money keep operating? | It total revenue is greater than operating cost
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| How does specialization affect production? | It makes workers more effecient.
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| Analyzing future price expectations | If a farmer knows that the price of a crop will rise, he will store the goods now in order to sell the crop at a higher cost in the future
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| Transportation Costs | Cost of transporting a finished good to the consumer
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| Why is labor a variable cost? | Because it changes with the number of workers.
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| Capital | Any human-made resource used to produce other goods. Exam. sewing machine, scissors
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| Market Supply Curve | A graph of the quantity supplied of a good by all suppliers at various prices
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| What encourages a producer to make more of a good? | The promise of higher (profit)
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| Profit | The total revenue minus the total cost
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