Ch. 3- (part 2) Supply

Front

desire and ability of producers to to produce and sell a product

Back

supply

Front

states that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases.

Back

Law of Supply

Front

lists how much of a good or service an individual producer is willing and able to offer for sale at each price.

Back

supply schedule

Front

What shows the data from a supply schedule in graph form?

Back

supply curve

Front

the change in total output brought about by adding one more worker

Back

marginal product

Front

having each worker focus on a particular facet of production

Back

Specialization

Front

What occurs when hiring new workers causes marginal product to decrease?

Back

diminishing marginal returns

Front

expenses that the owners of a business must incur regardless of how much they produce

Back

fixed costs

Front

depend on the level of production output

Back

variable costs

Front

production by adding fixed and variable costs together

Back

total costs