ECONOMICS

2. bank charges, employee wages and utility costs
8. shows the combined quantity supplied of goods at different prices
12. a table that shows the quantity supplied at different prices in the market
14. the responsiveness to the supply of a product after its price changes
16. costs of rent, salary and taxes
18. example is the control over the sale of Tobacco
21. the amount of a good that sellers are willing to sell and are able to sell

1. company's increase in total production when one additional unit of labor is added
3. states that adding an additional factor of production results in smaller increases in output
4. table that shows the quantity supplied at each price
5. costs of raw materials, electricity and gas
6. an example is when a cake shop increases the number of cakes they supply when the price incresed
7. an example is when a 10 cups of coffee costs $10 and to made another cup it would costs $0.80
9. sum of fixed cost and variable cost
10. graphical representation of the quantity of the product that a supplier is willing to offer at any given price
11. measurements that describe economic units
13. commonly levied on cigarettes, alcoholic beverages and gasoline
15. transfer of money from the government to an entity
17. to provide something that is wanted or needed
19. level of production in which marginal product of labor increases as the number of workers increases
20. the additional income generated from the sale of one more unit of good or service