change in supply
demanded and supplied
new quantity demanded
perfectly inelastic demand
unitary elastic demand curve
availability of substitutes
original quantity supplied
benefits of subsidies
cross elasticity of demand
increasing supply return
market supply schedule
marginal product of labor
elasticity of supply
diminishing supply return
combination of desire, ability, and willingness to buy a product
branch of economic theory that deals with behavior & decision making by small units such as individuals & firms
graph showing the quantity demanded of a product at each and every possible price that might prevail in the market at a given time
rule stating that more will be demanded at lower prices and less at higher prices; inverse relationship b/w price and quantity demanded
change in quantity demanded movement along the demand curve showing that a different quanity is purchased in response to a change in price income effect the portion of a change in quantity demanded caused by a change in a consumer's real income when the price of a product changes
competing products that can be used in place of one another; products related in such a way that an increase in price of one increases the demand for the other
complements products that increase the value of other products; products related in such a way that an increase in the price of one reduces the demand for both elasticity a measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an independent variable such as price
demand elasticity measure of responsiveness relating change in quantity demanded (dependent variable) to a change in price (independent variable) elastic type of elasticity where the percentage change in the independent variable (usually price) causes a more than proportionate change in the dependent variable (usually quantity demanded or supplied)
elastic type of elasticity where the percentage change in the independent variable (usually price) causes a more than proportionate change in the dependent variable (usually quantity demanded or supplied) inelastic type of elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity supplied or demanded)
unit elastic elasticity where a change in the independent variable (usually price) generates a proportional change of the dependent variable (quantity demanded or supplied) supply schedule of quantities offered for sale at all possible prices in a market
graphical representation of the quantities produced at each and every possible price in the market
market supply curve supply curve that shows the quantities offered at various prices by all firms that sell the product in a given market quantity supplied amount offered for sale at a given price; point on the supply curve
change in supply different amounts offered for sale at each & every possible price in the market; shift of the supply curve subsidy gov. payment to encourage or protect a certain economic activity
theory of production theory dealing with the relationship between the factors of production and the output of goods and services short run production period so short that only variable inputs can be changed
unprocessed natural resources used in production
total output or production by a firm
cost of production that does not change when output changes
production cost that varies as output changes; labor, energy, raw materials
total cost variable plus fixed cost; all costs associated with production marginal cost extra cost of producing one additional unit of production
e-commerce electronic business or exchange conducted over the internet total revenue total receipts; price of goods sold times quantities sold
how are the units of energy measured in food?
The science that studies relationships bwtween people and their work environment is called
which type of business is owned by the shareholders or members who have funds invested in the company
What type of insurance covers the cost of a lawsuit or settlement resulting from damage inflicted on a client during a service
utilities, supplies, cost of promotions, postage and taxes are identified as which type of costs
If the skin care centers income is greater than the operating expences, the skin center is concidered operating at
which microorganism is an infectious agent that replicates itself only within cells of living hosts
place where you can find hazzards associated with products
which muscles respond to conscious commands
the fluid part of the blood which red and white blood cells and blood platlets and suspended is called
constant direct current of low voltage and high amperage in electrotherapy is
real income effect
law of demand
law of supply
change in quantity demanded
market demand curve
change in demand
law of demand
an insistent and peremptory request
All factors are equal
as prices rise consumers will replace more expensive items with less expensive items
increases and decreases in prices affect people's income
a table of quality demand of goods at different prices
a table of goods that all consumers in a market will buy at any price
a graph showing how the demand for a commodity or services varies with change of prices
with other conditions remaining the same
goods that the demand increases when the income increases
a good whose quality demand decreases when the consumer's income increases
statistical data relating to the population and particular groups within it
a number or quantity of something required to make a group complete.
use or add in place of.
is a measure used in economics to show the responsiveness
insensitive to changes in price or income
sensitive to changes in price or income
a change in the price of that good causes an equal change in quantity demanded
economics refers to the total receipts from sales of a given quantity of goods or services
something available to someone
a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied
the amount of a good that sellers are willing to sell and are able to sell
a tabular depiction of the relationship between price and quantity supplied, represented graphically as a supply curve.
not consistent or having a fixed pattern
shows you how the supply changes when you increase or decrease the price
a graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period of time
measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price
a factor of production is generally defined as the change in output associated with a change in that factor, holding other inputs into production constant
a law of economics that states an increasing number of new employees causes the marginal product of another employee to be smaller than the marginal product of the previous employee at some point
business costs, such as rent, that are constant whatever the quantity of goods or services produced.
a cost that varies with the amount of output
equal to total cost divided by the number of goods produced
The amount of goods available.
Producers offer more of a good as its price increases, and less as its price falls.
The amount that a supplier is willing and able to supply at a specific price.
A chart that lists how much of a good a supplier will offer at various prices.
A factor that can change.
A chart that lists how much of a good all suppliers will offer at various prices.
A graph of quantity supplied of a good at various prices.
A graph of the quantity supplied of a good by all suppliers at various prices.
A measure of the way quanity supplied reacts to a change in price.
The change in output from hiring one additional unit of labor.
A level of production in which the marginal product of labor increases as the number of workers icreases.
A level of production at which the marginal product of labor decreases as the number of workers increases.
A cost that does not change.
A cost that rises or falls depending on the quantity produced.
The sum of fixed costs plus variable costs.
The cost of producing one more unit of a good.
The additional income from sellig on more unit of a good.
The total cosst divided by the quantity produced.
The cost of operating a facility.
A government payment that supports a business or market.
A tax on production or sale of a good.
Government intervention in a market that affects the production of a good.
amount of a good a company provides
the more costly it is, the more it is produced
goods sold at a particular price in a particular time
chart that shows quantity supplied at each price
factor of something that can vary
chart that shows different prices of a good suppliers are willing to sell at a given time
graph of the relationship between cost of a good and supply available at that time
graph of relationship between cost of a good and supply available from multiple suppliers
response to how supply reacts after a change in price
change in company's output from hiring an employee
addition of another employee increases output and marginal product of labor
workers may increase but output and marginal product of labor can decrease
cost of something that never changes no matter how much its produced
cost of a good that goes up or down depending on how much is made
fixed costs and variable costs are added
cost of producing an additional unit of a good
revenue made from selling additional units of a good
cost of running a business
government aid for businesses or markets
government made tax to reduce supply of good
government intervention on the market economy that affects production of a good