Supply and Demand Vocab Whole Unit Flashcard

Front

Cost that does not change regardless of how much of a good is produced.

Back

Fixed Costs

Front

The economic law that states that consumers will buy more of a good when the price decreases.

Back

Law of Demand

Front

A government payment that supports a business or market.

Back

Subsidy

Front

The additional income from selling one more unit of a good

Back

Marginal Revenue

Front

Goods used in place of one another.

Back

Substitutes

Front

Total amount of money the company receives from selling its goods or services.

Back

Total Revenue

Front

The cost of producing one more unit of a good

Back

Marginal cost (MC)

Front

A table that lists the quantity of a good all consumers in a market will buy at each different price.

Back

Demand Schedule

Front

Fixed cost plus variable cost

Back

Total Cost

Front

Table that lists the quantity of a good a person will buy at each different price.

Back

Demand Schedule