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Study
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the willingness and ability to sell at alternative prices |
Supply |
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a table showing the supply for a given time or period |
Supply Schedule |
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graph of the supply schedule |
Supply curve |
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quantity of a good supplied in a given time increases as its price increases (ceteris paribus) |
Law of Supply |
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land labor capital enterprise (enterprise – management of business) |
Cost of production |
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shows the maximum possible output which can be produced for a given level of inputs |
Production function |
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As one more unit of a variable resource is added to a fixed resource at some point the additional output from the last unit of the variable resource will be lower |
Law of Diminishing Returns |
