| A | B |
|---|
| SUPPLY | THE AMOUNT OF A PRODUCT THAT WOULD BE OFFERED AT FOR SALE AT ALL POSSIBLE PRICES THAT COULD PREVAIL IN THE MARKET |
| LAW OF SUPPLY | THE PRINCIPALE THAT SUPPLIERS WILL NORMALLY OFFER MORE FOR SALE AT HIGH PRICES AND LESS AT LOWER PRICES |
| SUPPLY SCHEDULE | A LISTING OF THE VARIOUS QUANTIES OF A PARTICULAR PRODUCT SUPPLIED AT ALL POSSIBLE PRICES IN THE MARKET |
| SUPPLY CURVE | A GRAPH SHOWING THE VARIOUS QUANTITIES SUPPLIED AT EACH AND EVRY PRICE THAT MIGHT PREVAIL IN THE MARKET |
| MARKET SUPPLY CURVE | THE SUPPLY CURVE THAT SHOWS THE QUANTITIES OFFERED AT VARIOUS PRICES BY ALL FIRMS THAT OFFER THE PRODUCT FOR SALE IN A GIVEN MARKET |
| QUANTITY SUPPLIED | THE AMOUNT THAT PRODUCERS BRING TO MARKET AT ANY GIVEN PRICE |
| CHANGE IN QUANTITY SUPPLIED | THE CHANGE IN AMOUNT OFFERED FOR SALE IN RESPONSE TO A CHANGE IN PRICE |
| CHANGE IN SUPPLY | A SITUATION WHERE SUPPLIERS OFFER DIFFERENT AMOUNTS OF PRODUCTS FOR SALE AT ALL POSSIBLE PRICES IN THE MARKET |
| SUBSIDY | A GOVERNMENT PAYMENT TO AN INDIVIDUAL, BUSINESS, OR OTHER GROUP TO ENCOURAGE OR PROTECT A CERTAIN TYPE OF ECONOMIC ACTIVITY |
| SUPPLY ELASTICITY | A MEASURE OF THE WAY IN WHICH QUANTITY SUPPLIED RESPONDS TO A CHANGE IN PRICE |
| THEORY OF PRODUCTION | THE RELATIONSHIP BETWEEN FACTORS OF PRODUCTION AND THE OUTPUT OF GOODS AND SERVICES |
| SHORT RUN | A PERIOD OF PRODUCTION THAT ALLOWS PRODUCERS TO CHANGE ONLY THE AMOUNT OF THE VARIABLE INPUT CALLED LABOR |
| LONG RUN | A PERIOD OF PRODUCTION LONG ENOUGH FOR PRODUCERS TO ADJUST THE QUANTITIES OF ALL ITS RESOURCES, INCLUDING CAPITAL |
| LAW OF VARIABLE PROPORTIONS | IN THE SHORT RUN, OUTPUT WILL CHANGE AS ONE INPUT IS VARIED WHILE OTHERS ARE HELD CONSTANT |
| PRODUCTION FUNCTION | A CONCEPT THAT DESCRIBES THE RELATIONSHIP BETWEEN CHANGES IN OUTPUT TO DIFFERENT AMOUNTS OF A SINGLE INPUT WHILE OTHER INPUTS ARE HELD CONSTANT |
| RAW MATERIALS | UNPROCESSED NATURAL PRODUCTS USED IN PRODUCTION |
| TOTAL PRODUCT | TOTAL OUTPUT PRODUCED BY A FIRM |
| MARGINAL PRODUCT | THE EXTRA OUTPUT OR CHANGE IN TOTAL PRODUCT CAUSED BY THE ADDITION OF ONE MORE UNIT OF VARIABLE OUTPUT |
| STAGES OF PRODUCTION | INCREASING RETURNS, DIMINISHING RETURNS, AND NEGATIVE RETURNS |
| DIMINISHING RETURNS | THE STAGE WHERE OUTPUT INCREASES AT DIMINISHING RATE AS MORE UNITS OF A VARIABLE ARE ADDED |
| FIXED COST | THE COST THAT A BUSINESS INCURS EVEN IF THE PLANT IS IDLE AND OUTPUT IS ZERO |
| OVERHEAD | TOTAL FIXED COST |
| VARIABLE COST | A COST THAT CHANGES WHEN THE BUSINESS RATE OF OPERATION OR OUTPUT CHANGES |
| TOTAL COST | THE SUM OF THE FIXED AND VARIABLE COSTS |
| MARGINAL COST | THE EXTRA COST INCURRED WHEN A BUSINESS PRODUCES ONE ADDITIONALUNIT OF PRODUCTION |
| E-COMMERCE | ELECTRONIC BUSINESS OR EXCHANGE CONDUCTED OVER THE INTERNET |
| TOTAL REVENUE | THE NUMBER OF UNITS SOLD MULTIPLIED BY THE AVERAGE PRICE PER UNIT |
| MARGINAL REVENUE | THE EXTRA REVENUE ASSOCIATED WITH THE PRODUCTION AND SALE OF ONE ADDTIONAL UNIT OF OUTPUT |
| MARGINAL ANALYSIS | A TYPE OF COST-BENEFIT DECISION MAKING THAT COMPARES THE EXTAR BENEFITS TO THE EXTRA COSTS OF AN ACTION |
| BREAK-EVEN POINT | THE TOTAL OUTPUT OR TOTAL PRODUCT THE BUSINESS NEEDS TO SELL IN ORDER TO COVER ITS TOTAL COSTS |
| PROFIT-MAXIMIZING QUANTITY OF OUTPUT | THE SITUATION THAT EXISTS WHEN MARGINAL COSTS AND MARGIANL REVENUE ARE EQUAL |
