Chapter 5 Key Terms

1. Shows the data from the market are willing and able to offer for sale at each price
5. involoves the application of scientific methods and discoveries to the production
6. the price of the resources needed to produce a good or service
8. A table that shows how much of a good or service an individual producer is willing and able to offer for sale at each price in market
9. Refers to the willingness and ability of producers to offer goods and services for sale
12. production by adding fixed and variable costs together
14. an increase in the price of goods or services results in an increase in the quantity that suppliers make available to the market
16. the added revenue per unit of output
17. a set of rules or laws designed to control business behavior
20. Each new worker adds more to total output than the last,as shown by the marginal product
23. a tax on the production or sale of a specific good or services
24. The change in total product that results from hiring one more worker
25. businesses cost that vary as the level of production output changes

2. an increase or decrease in the amount
3. expenses that owners of a business costs to make products
4. level of production where it realizes the greatest amount of profit
7. A graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price
10. the income a business recieves from selling a product
11. the additional cost of producing one more unit of their product
13. a measure of how responsive producers are to price changes in the marketplace
15. the amount of goods and services that a person can produce in a given time
18. A table that shows how much of a good or service all producers in a market are willing and able to offer for sale at each price
19. when something prompts producers to offer different amounts for sale at every price
21. Having each worker focus on a particular facet of production
22. Each new worker causes total output to grow but at a decreasing rate