Chapter 9 Exam Vocabulary

Variable expenses

• When business develops a new product

• Do not change based on the quantity produced

• When total expense equal total revenue

• Changed depends on the number of items produced

When businesses develop new products

• Raw material

• Supply

• Widget

• Retail price

• Demand

The income a business receives from selling its products

• Profit

• Revenue

• loss

• Equilibrium

Do not changed based on the quantity produced.

• Fixed expenses

• Variable expenses

• Profit

• Supply

• Demand

When total expenses are equal to total revenue:

• Pick

• Equilibrium

• Breakeven

• Competitive advantage

• Loss

The price the manufacturer charges to retailers

• Retail Price

• Wholesale Price

• Widget

• Competitive advantages

• Profit

The quantities consumers want to buy

• Supply

• Demand

The quantity of items available to be sold.

• Demand

• Supply

• Widget

• Equilibrium

The price retailer sells their product to consumers.

• Wholesale price

• Retail price

• Discounted price

• Widget

Equilibrium is:

• When the quantity supplied is equal to the quantity demanded

• The quantity of items ready to be sold to people

• The demand for a product

• The quantity of product that customers want to buy.