Chapter 5 Economics Vocab

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Across
  1. 5. sum of a variable cost plus fixed cost, all costs associated with production
  2. 7. business expenses that are not dependent on the level of goods or services produced by the business
  3. 9. total output or production by a firm
  4. 10. graphic portrayal showing how a change in amount of a single variable input effects total output
  5. 13. gives time, money, or effort
  6. 18. responsiveness of quantity supplied to a change in price
  7. 21. average price that every unit of output sells for
  8. 23. a graph that shows the quantities supplied at each and every possible price in the market
  9. 30. level of production where marginal cost is equal to marginal revenue
  10. 32. extra output due to the addition of one unit of input
  11. 33. to bring into existence especially produces or brings into being
Down
  1. 1. production period so short that only variable inputs (usually labor) can be changed
  2. 2. stages of production where outputs increases at a decreasing rate as more units of variable input are added
  3. 3. change in the amount offered for sale in response to a price change; movement along the supply curve
  4. 4. phases of production that consist of increasing, decreasing and negative returns
  5. 6. specific amount offered for sale at a given price; point on the Supply curve
  6. 8. government payment that encourages or protects a certain economic activity
  7. 11. the full amount of total sales of goods and services
  8. 12. handled by way
  9. 14. amount of a product a producer of seller would be willing to offer for sale at all possible prices in a market at a given point
  10. 15. production cost that varies as output changes; labor, energies and raw materials
  11. 16. different amounts offered for sale at each and every possible price in the market; shift of the supplycurve
  12. 17. broad category of fixed costs that includes interest, rent, taxes and executive sales
  13. 19. extra cost of producing one additional unit of production
  14. 20. production period long enough to change amount of variable and fixed inputs used in production
  15. 22. involving or based on a suggested idea or theory; involving or based on a hypothesis
  16. 24. principle that more will be offered for sale at a high prices than lower prices
  17. 25. supply curve that shows the quantities offered at various prices by all firms that sell the same product in a given market
  18. 26. different
  19. 27. the increase in revenue that results from the sale of one additional unit of output.
  20. 28. a table showing the quan that would be produced or offered for sale at each and every possible price in the market at a given time
  21. 29. Production level where total cost equals total revenue; production needed if firm is to recover its costs
  22. 31. electronic business or exchange conducted over the internet