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  2. Law of increasing costs - Wikipedia

    en.wikipedia.org/wiki/Law_of_increasing_costs

    t. e. In economics, the law of increasing costs is a principle that states that to produce an increasing amount of a good a supplier must give up greater and greater amounts of another good. The best way to look at this is to review an example of an economy that only produces two things - cars and oranges. If all the resources of the economy ...

  3. Cost curve - Wikipedia

    en.wikipedia.org/wiki/Cost_curve

    In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve. Profit-maximizing firms use cost curves to ...

  4. Wagner's law - Wikipedia

    en.wikipedia.org/wiki/Wagner's_law

    Wagner's law, also known as the law of increasing [a] state activity, [2] is the observation that public expenditure increases as national income rises. [3] It is named after the German economist Adolph Wagner (1835–1917), who first observed the effect in his own country and then for other countries.

  5. Law of demand - Wikipedia

    en.wikipedia.org/wiki/Law_of_demand

    The law of demand, however, only makes a qualitative statement in the sense that it describes the direction of change in the amount of quantity demanded but not the magnitude of change. The law of demand is represented by a graph called the demand curve, with quantity demanded on the x-axis and price on the y-axis. Demand curves are downward ...

  6. Marginal cost - Wikipedia

    en.wikipedia.org/wiki/Marginal_cost

    Marginal cost. In economics, the marginal cost is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. [ 1] In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an ...

  7. Law of supply - Wikipedia

    en.wikipedia.org/wiki/Law_of_supply

    Law of supply. The law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in sales price results in an increase in quantity supplied. [ 1] In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes.

  8. Newton's laws of motion - Wikipedia

    en.wikipedia.org/wiki/Newton's_laws_of_motion

    Newton's first law expresses the principle of inertia: the natural behavior of a body is to move in a straight line at constant speed. A body's motion preserves the status quo, but external forces can perturb this. The modern understanding of Newton's first law is that no inertial observer is privileged over any other.

  9. Supply and demand - Wikipedia

    en.wikipedia.org/wiki/Supply_and_demand

    Increased demand can be represented on the graph as the curve being shifted to the right. At each price point, a greater quantity is demanded, as from the initial curve D 1 to the new curve D 2. In the diagram, this raises the equilibrium price from P 1 to the higher P 2. This raises the equilibrium quantity from Q 1 to the higher Q 2. (A ...