Econ Chapter 5 Vocab

6. Different amounts offered for sale at each and every possible price in the market; shift of the supply curve.
7. Specific amount offered for sale at a given price; point on the supply curve.
9. A table showing the quantities that would be produced or offered for sale at each and every possible price in the market at a given point in time.
12. Sum of variable cost plus fixed cost; all costs associated with production.
13. Phases of production that consist of increasing, decreasing, and negative returns.
14. Total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold.
15. Electronic business or exchange conducted over the internet.
16. Graphic portrayal showing how a change in the amount of a single variable input affects total output.
17. Costs of production that do not change when output changes.
20. Broad category of fixed costs that include interest, rent, taxes, and executive salaries.
21. Total output or production by a firm.
22. Principle that more will be offered for sale at higher prices than at lower prices.
23. A graph that shows the quantities supplied at each and every possible price in the market.
25. Production period so short that only variable inputs (usually labor) can be changed.
26. Extra output due to the addition of one more unit of input.
27. Level of production where marginal cost is equal to marginal revenue.

1. Stage of production where output increases at a decreasing rate as more units of variable input are added.
2. Supply curve that shows the quantities offered at various prices by all firms that sell the same product in a given market.
3. Amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time.
4. Extra cost of producing one additional unit of production.
5. Production level where total cost equals total revenue; production needed if the firm is to recover its costs.
8. Change in the amount offered for sale in respone to a price change; movement along the supply curve.
10. Average price that every unit of output sells for.
11. Production cost that varies as output changes; labor, energy, raw materials.
18. Government payment to encourage or protect a certain economic activity.
19. Responsiveness of quantity supplied to a change in price.
24. Production period long enough to change the amount of variable and fixed inputs used in production.