Economics - Chapter 5 - Reading Assignment and Vocabulary
Read the chapter and answer the following questions in your notebook.
Pgs. 116-137
1.
2.
3.
4.
5.
Define supply.
State the law of supply.
Explain the relationship between a supply schedule and a supply curve.
List and define the seven causes for a change in supply.
Note with arrows how each cause listed in question #4 will affect supply - for
example, if resources needed to make a product go up in price, what affect will
that cost increase have on the supply of that product? or
6. Define supply elasticity.
7. What determines whether supply is elastic or inelastic?
8. List and define the three stages of production.
9. Define fixed costs and list five examples of fixed costs for businesses.
10. Define variable costs and list five examples of variable costs for businesses.
11. What is meant by the break-even point?
12. What is meant by total revenue?