A chart that lists how much of a good a supplier will offer at different prices

Georgia IsheeInitial Assignment:Economics Journal: Write down a list of three goods: one thatis usually available and “on sale,” another that is popular but difficult to find, and athird that falls somewhere in between. What prices do stores charge for thesegoods?

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economics ch 5
What is a chart that lists how much of a good all suppliers will offer at different prices?
What is a graph that shows the amount of a product that would be bought at all possible prices in the market?
What is the amount that a supplier is willing and able to supply at a specific price?
What is the amount of goods available called?

Objective:Understanding SupplyDifferentiation of Instruction:Students will be able to utilize the internet, videoon Understanding Supply, notes, and pdf book pages. Students also will be able tohave choices in their reading and writing to help explore ideas and expand theirconcepts in meeting student’s diverse needs and interests.Input/Assignment: Journal Entry:Chapter 5 video on Understanding Supplywill be provided. Students will complete the 9 vocabulary words for section 1.

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Term	Definition
Supply	The amount of goods available
Law of supply	Tendency of suppliers to offer more of a good at a higher price
Quantity supplied	The amount a supplier is willing and able to supply at a certain pricd
Supply schedule	A chart that lists how much of a good a supplier will offer at different prices
Variable	A factor that can change
Market supply schedule	A chart that lists how much of a good all suppliers will offer at different prices
Supply curve	A graph of the quantity supplied of a good by all suppliers at different prices
Market supply curve	A graph of the quantity supplied of a good by all suppliers at different prices
Elasticity of supply	A measure of the way quantity supplied reactd to a change in price
Marginal product labor	Change in output from hiring one additional unit of labor
Increasing marginal returns	A level of production in which the marginal product increases as the number of workers increases
Diminishing marginal returns	A level of production in which the marginal product of labordecreases as the number of workers increases
Fixed cost	Cost that does not change, no matter how much of a good is produced
Variable cost	Cost that rises or falls depending on how much is produced
Total cost	Fixed costs plus variable costs
Marginal cost	The cost of producing one more unit of a good
Marginal revenue	Additional income from selling one more unit of a good; sometimes equal to price
Operating cost	Cost of operating a facility, such as a store or factory
Subsidy	A govt. payment that supports a business or market
Excise tax	A tax on the production or sale of a good
Regulation	Govt. intervention in a market that affects the production of a good

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economics ch 5

Question	Answer
the amount of goods available	supply
producers offer more of a good when its price increases and less when its price falls	law of supply
the amount that a supplier is willing and able to supply at a specific price	quantity supplied
a chart that lists how much of a good A supplier will offer at various prices	supply schedule
a factor that can change	variable
a chart that lists how much of a good ALL suppliers will offer at various prices	market supply schedule
a graph of the quantity supplied of A god at various prices	supply curve
a graph of the quantity supplied of a good by ALL suppliers at various prices	market supply curve
a measure of the way quantity supplied reacts to a change in price	elasticity of supply
the change in output from hiring one additional unit of labor	marginal product of labor
a level of production in which the marginal product of labor increases as the number of workers increases	increasing marginal returns
a level of production at which the marginal product of labor decreases as the number of workers increases	diminishing marginal returns
a cost that does not change, no matter how much of a good is produced	fixed cost
a cost that rises or falls depending on the quantity produced	variable cost
the sum of fixed costs plus variable costs	total cost
the cost of producing one more unit of a good	marginal cost
the additional income from selling one more unit of a good; sometimes equal to price	marginal revenue
the total cost divided by the quantity produced	average cost
the cost of operating a facility, such as a factory or a store	operating cost
a government payment that supports a business or market	subsidy
a tax on the production of a sale or good	excise tax
government intervention in a market that affects the productions of a good	regulation
a condition of rising prices	inflation
cost of bringing raw materials to a production facility and sending finished products to stores	input costs
how do suppliers decide what goods and services to offer? 1.(answer) 2.(definition of answer) 3.(example)	1.law of supply 2.producers offer more of a good when price increases, and less of a good when price falls 3.if price of pizza $3/slice, suppliers are going to sell more pizza to make more money.If pizza is $1/slice, they'll sell less so no money declin

What is a chart that lists how much of a good all suppliers will offer at different prices?

A market supply schedule is a chart that lists how much of a good all suppliers will offer at different prices.

What is a graph that shows the amount of a product that would be bought at all possible prices in the market?

A supply curve is a graph that shows the quantity supplied at each price. Sometimes the supply curve is called a supply schedule because it is a graphical representation of the supply schedule.

What is the amount that a supplier is willing and able to supply at a specific price?

A supply schedule shows the amount of product that a supplier is willing and able to offer to the market, at specific price points, during a certain time period.

What is the amount of goods available called?

Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.

A chart that lists how much of a good a supplier will offer at different prices

Newly uploaded documents

economics ch 5

What is a chart that lists how much of a good all suppliers will offer at different prices?

What is a graph that shows the amount of a product that would be bought at all possible prices in the market?

What is the amount that a supplier is willing and able to supply at a specific price?

What is the amount of goods available called?

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