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Bell Ringer #4 – 10/13/10

Bell Ringer #4 – 10/13/10. What is “profit motive”? Going across the x-axis, does a demand curve generally increase or decrease? Does a supply curve generally increase or decrease ? http://www.schooltube.com/video/471a0da70754e777db29/Economics-1-The-Supply-and-Demand-Curve-MTK-Style.

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Bell Ringer #4 – 10/13/10

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  1. Bell Ringer #4 – 10/13/10 • What is “profit motive”? • Going across the x-axis, does a demand curve generally increase or decrease? • Does a supply curve generally increase or decrease? http://www.schooltube.com/video/471a0da70754e777db29/Economics-1-The-Supply-and-Demand-Curve-MTK-Style

  2. Subsidies • Subsidies – payments to private businesses by the government. • Ex: Gov’t gives a subsidy to wheat farmers to lower cereal prices. • Subsidies help lower production costs and keep prices down. However, they are funded by taxes, so they have a price to everyone.

  3. Ch 4, Sec 3 Terms“Making Production Decisions” • Productivity – amount produced per unit of input. Determines how efficiently resources are being used. • Total Product – all goods/services. produced in a given period of time, also called total output. • Marginal Product – change in output from adding more input.

  4. Law of Diminishing Returns • Law of DR – As more input (such as labor) is added to a fixed supply of resources, productivity will increase up to a point, after which the marginal product will diminish.

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