Key Terms: Chapter 5

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Across
  1. 2. The change in total product that results from hiring one more worker.
  2. 8. The price of the resources needed to producea good or service.
  3. 9. Added revenure per unit of output, or the money made from each additional unit sold.
  4. 11. The willingness and ability of producers to sell goods and services.
  5. 12. The point in production at which a business has reached its highest level of profit.
  6. 14. A tax on the production or sale of a specific good or service.
  7. 18. A table that shows how much of a good or service all producers in a market are willing to pay.
  8. 20. Occurs when something prompts producers to offer different amounts for sale at every price.
  9. 21. The act of controlling business behavior behavior through a set of rules or laws, can also affect supply.
  10. 22. A graph that showshow much of a good or service an individual producer is wiling and able to ooffer for sale at each price.
  11. 24. States that producers are willing to sell more of a good or service at a higher price than they are at a lower price.
Down
  1. 1. Business costs that vary as the level of production output changes.
  2. 3. A rise or fall in the amount producers offer for sale because of a change in price.
  3. 4. The additional cost of producing one more unit of their product.
  4. 5. A situation in which hiring new workers cause marginal product to increase.
  5. 6. The amount of goods or servicesthat a person can produce in a given time.
  6. 7. Expenses that the owner of a business must incur whether they produce nothing, a little, or a lot.
  7. 10. The income a business recieves from selling a product.
  8. 11. Having each worker focus on a particular focet of production.
  9. 13. A situation in which new workers cause marginal product to grow but at a decreasing rate.
  10. 15. Also a measure of how responsive producers are to price changes.
  11. 16. Shows the data from the market supply schedule.
  12. 17. Involves the application of scientific methods and discoveries to the production process, resulting in new products or new manufacturing techniques.
  13. 19. Shows how much of a good or service an individual producer is willing and able to offer for sale at each price in a market.
  14. 23. The sum of fixed and variable cost.