HS Food Court Definitions

The amount of a good or service that firms are prepared to sell at a given price. 

Total Revenues minus total direct costs

Total money expenditure or outlays necessary to achieve a resource or good/service. 

The real sacrifice involved in achieving something. 

The amount of money brought in by a firm.

Costs to the firm that do not vary with output. 

resources are scarce,redistribution of goods means that one group often gains at others expense

Purchases of a good or service that people are actually able and willing to make...

A table showing the quantities of a good that will be purchased at various pries

a curve that relates the price of a product and the quantity of a product 

The measure of responsiveness of one variable to changes in another. 

quantity at which the amount that buyer are able and willing to purchase=amount of product sold

the summation of an individual firm's marginal cost curves.

a table showing the amount of product that will be produced at a given price. 

The sum of fixed cost and variable cost

firm's total revenue minus the total cost of production,includes both direct & opportunity cost

relates the quantity of a good supplied by a given price. 

The measure of what has to be given up in order to achieve or produce something.

__ states that there is a negative relationship between price and quantity demanded 

total amount of goods and services available for consumption consist of both produced imports

price that buyers of product are willing to buy, exactly = the quantity the product sells

A condition where less of something exists than people would like if the good had no costs.

the total demand for goods and services in the economy by households, and other countries.

dictates that the curve is upsloping,indicating more will be produced as the price increases

An exchange relationship denoting how much of one good is needed to get another good