Supply and Demand

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Across
  1. 2. of production is the change in total production cost that comes from making or producing one additional unit.
  2. 3. keeping other factors constant, an increase in price results in an increase in quantity supplied.
  3. 6. make (something needed or wanted) available to someone; provide.
  4. 9. Change in the amount that consumers will buy because the purchasing power of their income changes
  5. 10. Excise taxes are internal taxes that are levied on the sale of specific goods and services, such as alcohol, fuel and tobacco.
  6. 11. Total cost, in economics, the sum of all costs incurred by a firm in producing a certain level of output.
  7. 13. Goods that consumers demand more of wheemn their income rise
  8. 16. When a change in price either up or down leads to a relatively larger change in the quantity demanded.
  9. 17. A change in the amount that consumers will buy beause they buy substitute good instead
  10. 19. Total revenue is the full amount of total sales of goods and services., p. 142
  11. 20. Shows data from a market demand schedule
  12. 22. input cost is the set of costs incurred to create a product or service.
  13. 23. graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply.
  14. 24. The market supply schedule is a table that lists the quantity supplied for a good or service that suppliers throughout the whole economy are willing and able to supply at all possible prices
  15. 25. business costs, such as rent, that are constant whatever the quantity of goods or services produced.
Down
  1. 1. The marginal benefit of using each additional unit of a product during a given period will decline
  2. 4. the short run or long run process by which a firm may determine the price, input, and output levels that lead to the highest profit.
  3. 5. is the increase in revenue that results from the sale of one additional unit of output
  4. 6. Are goods and services that can be used in place of each other.
  5. 7. Wants to pay for a good or service and able to pay for it
  6. 8. When prices go down, quantity demand increases, when prices go down quantity demand decreases
  7. 12. a cost that varies with the level of output.
  8. 14. economics is the economics of regulation.
  9. 15. The measurement of the percentage change of one economic variable in response to a change in another.
  10. 18. Shows data from a market demand schedule
  11. 21. Are goods that are used together, so rise in demand for one increases the demand for the other.