Economics Review

2. The highest point between the end of an economic cycle
7. Supply & Demand are equal to each other
10. Law of ______: states that there is an indirect relationship between the price of a product and the quantity that consumers will buy
12. Achieving the highest standard for the lowest cost to satisfy a customer's need
14. Representation of a change in the quantity of a good or service demanded at every price level
15. Marginal Returns: Each new worker exponentially contributes to the output
18. The measure of responsiveness to demand due to price changes
20. The quantity demanded is less than the supply
22. When something such as demand starts to decrease it is in ______.
23. Any resources used to create goods & services
24. The quantity demanded is greater than the supply
25. The person who buys a good or service

1. Marginal Returns: Output is falling even though the number of inputs is increasing
3. Law of ______: states that there is a direct relationship between the prices of goods & services and the quantity available
4. A quantity of goods or services produced in a specific time period
5. Product: extra output due to the addition of one more unit of input
6. The specific amount offered for sale at a given price point on the supply curve
8. The satisfaction level that consumers achieve from the product
9. Cost is the extra expense of producing one additional unit
11. Cost that is the sum of all variable costs & fixed costs
13. Production costs that vary as outputs change
16. _____ Domestic Product: the total value of goods & services produced in a country
17. Costs of production that do not change
19. This is what happens to products that are elastic and go up in price
21. Marginal Returns: Total production continues to grow but by smaller gains