Alyssa’s ECON101 Module 3 Crossword

2. The tangible, out-of-pocket expenses.
5. The man-made resources that go into a firm’s production process.
8. A firm that sells a unique product without close substitutes and controls the entire supply of an industry.
11. A firm with no control over the price it charges and accepts the price set by market conditions.
13. Also known as the division of labor; it is the division of a job into tasks assigned to individuals.
21. Where a firm tries to make its product more attractive to buyers.
22. A group of firms in a market that sell similar products.
25. A person who conceives and starts a business.
26. The amount of control a firm has over the price it can charge.
27. When total revenue is less than total costs.

1. The amount a firm receives from selling its output.
3. The opportunity costs of doing business.
4. These costs are easily changed in the short run, thus directly altering output.
6. The expense a firm incurs from producing its output.
7. A type of market with many firms that sell identical products. These firms are price takers.
9. A firm that has some control over the price it charges.
10. (abbr.) The additional cost from creating one more unit of output.
12. These costs do not vary with changes in output in the short run.
14. A government-created barrier that grants producers exclusive rights to produce a good. Also, they are incentives to innovate.
15. The resources that go into a firm’s production process to create output.
16. Where few firms sell typically differentiated products in a market with high barriers to entry.
17. The product of a firm’s production process.
18. The workers and their skills of a firm.
19. Indicators of a firm’s profitability (I.e. profits and losses).
20. (abbr.) The additional revenue created from producing one more unit of output.
23. The natural resources and location of a firm.
24. When total revenue is greater than total costs.