Examlex
The impact of one person's actions on the well-being of a bystander is called
Short-Run Supply
The supply of goods or services that can be adjusted in a relatively short period to meet changes in demand.
Long-Run Supply
The total quantity of goods or services that producers are willing and able to supply over a long period, considering all inputs and production costs are variable.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).
Supply Curves
Graphical representations showing the relationship between the price of a good and the quantity of that good that suppliers are willing and able to sell, holding other factors constant.
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