Across
- 5. A measure of how responsive producers are to price changes in the marketplace
- 6. The additional cost of producing one more unit of their product
- 7. Adding fixed and variable costs together
- 10. schedule table that shows how much of a good or service all producers in a market are willing and able to offer for sale
- 11. The application of scientific methods and discoveries to the production process
- 12. The willingness and ability of producers to offer goods and services for sale.
- 14. Expenses that the owner of a business must incur whether they produce nothing, a little, or a lot
- 15. Graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price.
- 16. Business costs that vary as the level of production output changes
- 18. An increase or decrease in the amount producers offer for sale because of a change in price
- 20. Having each worker focus on a particular facet of production
- 22. Change in total product that results from hiring one more worker
- 23. Data from the market supply schedule
- 24. Each new worker causes total output to grow but at a decreasing rate
Down
- 1. Level of production where it realizes the greatest amount of profit
- 2. A set of rules or laws designed to control business behavior
- 3. A tax on the making or selling of certain goods or services
- 4. Table that shows how much of a good or service an individual producer is willing and able to offer
- 6. The added revenue per unit of output; money made from each additional unit sold
- 8. Occurs when something prompts producers to offer different amounts for sale at every price
- 9. The price of the resources needed to produce a good or service
- 13. Producers are willing to sell more of a good or service at a higher price than at a lower price.
- 17. The amount of goods and services that a person can produce in a given time
- 19. Each new worker adds more to total output than the last
- 21. The income a business receives from selling a product