Economics Chapter 5 Vocabulary

12345678910111213141516171819202122232425262728
Across
  1. 4. a decision made according to what is best for the individual seller
  2. 5. all the revenue that a business receives
  3. 12. stage where output increases at decreasing rate as more units of variable input are added
  4. 13. production period so short that only the variable inputs( usually labor) can be changed
  5. 14. the amount of product produced and offered for sale at all prices
  6. 17. a graph showing how a change in the amount of a single variable input changes total output.
  7. 19. change in the amount offered for sale in response to a change in price
  8. 21. a payment to an individual, business, or group to encourage or protect a certain type of economic activity
  9. 22. extra cost of producing one additional unit of production
  10. 23. more will be offered for sale at higher prices than at lower prices
  11. 25. amount that a single producer or all producers bring to market at any given price
  12. 26. listing of the various quantities of a particular product a producer would supply at all possible prices in the market
  13. 28. costs that remain the same regardless of level of production or services offered
Down
  1. 1. broad category of fixed costs that includes rent, taxes, and executive salaries
  2. 2. the volume of production where marginal cost and revenue are equal
  3. 3. the level of production that generates just enough revenue to cover it's total operation costs.
  4. 5. total output or production by a firm
  5. 6. the average price that every unit of output sells for.
  6. 7. electronic business conducted over the internet
  7. 8. graph that shows the quantities offered at various prices by all producers that offer the product for sale in the market
  8. 9. a measure of the degree to which the quantity supplied responds to a change in price
  9. 10. Phases of production that consist of increasing, decreasing and negative marginal returns.
  10. 11. Extra output due to the addition of one more unit of input
  11. 15. production period long enough to change the amounts to all inputs
  12. 16. the sum of fixed costs and variable costs
  13. 18. a situation where suppliers offer different amounts of product for sale at all possible prices in the market
  14. 20. graph showing the various quantities supplied at all possible prices that might prevail in the market
  15. 24. the extra revenue a business receives
  16. 27. production costs that change when production levels change