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?
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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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
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 |