Economics - Chapter 5 Review

Supply

• A measure of the degree to which the quantity supplied responds to a change in price.
• The change in the amount offered for sale in response to a change in price.
• The amount of a product a producer or seller is willing to offer for sale at various prices in a market at a given time.
• Extra revenue from the sale of one additional unit of output.

Supply Schedule

• An electronic business conducted over the internet, involving the buying or selling of tangible or intangible things.
• The total output or total product the business needs to sell in order to cover its total costs.
• The amount of a product a producer or seller is willing to offer for sale at various prices in a market at a given time.
• A listing of the quantities of a product that a producer would supply at all possible prices in the market.

Supply Curve

• The specific amount offered for sale at a given price, represented as a point on the supply curve.
• A graph showing the various quantities supplied at all possible prices that might prevail in the market.
• Extra revenue from the sale of one additional unit of output.
• A listing of the quantities of a product that a producer would supply at all possible prices in the market.

Law of Supply

• The principle that more will be offered for sale at higher prices than at lower prices.
• Extra revenue from the sale of one additional unit of output.
• A listing of the quantities of a product that a producer would supply at all possible prices in the market.
• A figure that shows how total output changes when the amount of a variable input changes while all other inputs are held constant.

Quantity Supplied

• The specific amount offered for sale at a given price, represented as a point on the supply curve.
• The change in the amount offered for sale in response to a change in price.
• An electronic business conducted over the internet, involving the buying or selling of tangible or intangible things.
• A listing of the quantities of a product that a producer would supply at all possible prices in the market.

Change in Quantity Supplied

• The stage of production where output increases at a diminishing rate as more variable inputs are added.
• The extra cost of producing one additional unit of production.
• The extra output or change in total product caused by adding one more unit of variable input.
• The change in the amount offered for sale in response to a change in price.

Change in Supply

• The change in the amount offered for sale in response to a change in price.
• The specific amount offered for sale at a given price, represented as a point on the supply curve.
• A measure of the degree to which the quantity supplied responds to a change in price.
• Different amounts offered for sale at every possible price in the market, resulting in a shift of the whole supply curve.

Elasticity of Supply

• Extra revenue from the sale of one additional unit of output.
• The principle that more will be offered for sale at higher prices than at lower prices.
• A measure of the degree to which the quantity supplied responds to a change in price.
• The extra cost of producing one additional unit of production.

Production Function

• A graph showing the various quantities supplied at all possible prices that might prevail in the market.
• The change in the amount offered for sale in response to a change in price.
• A listing of the quantities of a product that a producer would supply at all possible prices in the market.
• A figure that shows how total output changes when the amount of a variable input changes while all other inputs are held constant.

Marginal Product

• The specific amount offered for sale at a given price, represented as a point on the supply curve.
• The total output or total product the business needs to sell in order to cover its total costs.
• The extra output or change in total product caused by adding one more unit of variable input.
• The change in the amount offered for sale in response to a change in price.