Economics Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Term | Definition |
| 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
Popular Economics sets