Economics Review PDF

1. Supply: Total amount producers are willing to sell at different prices. 2. Supply Curve: Slopes up; higher prices incentivize more production. 3. Oil Prices Fall: Independent oil producer likely reduces production. 4. Change in Supply vs. Quantity Supplied: Change in supply shifts the curve; c...

1. Supply: Total amount producers are willing to sell at different prices. 2. Supply Curve: Slopes up; higher prices incentivize more production. 3. Oil Prices Fall: Independent oil producer likely reduces production. 4. Change in Supply vs. Quantity Supplied: Change in supply shifts the curve; change in quantity supplied moves along the curve. 5. Employee Training: Increases productivity. 6. Price and Quantity Supplied: Illustrates elasticity of supply. 7. Elasticities: Measure responsiveness to price; demand is consumer-focused, supply is producer-focused. 8. Production Function: Shows how changes in one input affect total output. 9. Short-run Production Analysis: Examines effects of variable inputs on output. 10. Marginal Product of Second Worker: 140 sandwiches. 11. Total Product for Three Bakers: 27 loaves of bread. 12. Stage I: Each new worker adds more output (increasing marginal returns). 13. Stage II: Marginal returns begin to diminish. 14. Stage III: Hiring is suspended due to negative marginal returns. 15. Executive Director's Salary: Fixed cost. 16. Marginal Cost: Additional cost of producing one more unit. 17. Additional Revenue: Marginal revenue. 18. Profit-Maximizing Output: When marginal cost equals marginal revenue. 19. E-Commerce: To reach more customers and reduce costs.