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CAVEAT VENDITOR: This is a latin term meaning "let the seller beware." It was developed as a counter to the buyer's warning, caveat emptor, and suggests that sellers too can be "taken to the cleaners" in a market transaction. While it's less important than caveat emptor to under appreciated consumers, it does surface from time to time.

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Lesson 14: Production | Unit 5: Supply Page: 24 of 25

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  • Production Cost: Each firm incurs a cost for acquiring the resources used as inputs in production.

  • Supply Price: The cost of production, which depends on production, in turn affects the price each firm needs to supply a given quantity.

  • The Law of Supply: The law of supply is the positive relation between supply price and quantity supplied.

  • Industry Competition: Long-run production is governed by returns to scale.

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SCARCITY

A pervasive condition of human existence that results because society has unlimited wants and needs, but limited resources used for their satisfaction. This fundamental condition is the common thread that binds all of the topics studied in economics.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"A pint of sweat saves a gallon of blood. "

-- General George Patton

IEBNR
Income Earned But Not Received
A PEDestrian's Guide
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