Across
- 3. The decrease in value of an asset over time due to use, age, or wear.
- 4. (3 Words)The fixed cost per unit of output, calculated by dividing total fixed cost by the quantity produced.
- 8. A specific business activity or production area within an operation, such as livestock, crops, or horticulture.
- 11. The income a business receives from selling its products or services.
- 13. (2 Words)A period of production in which at least one factor of production is fixed and cannot be changed.
- 15. (3 Words)The total cost per unit of output, calculated by dividing total cost by the quantity produced.
- 16. A payment made to protect a business or operation against financial losses from unexpected events.
- 17. (2 Words)A cost that changes as the amount of production changes.
- 18. (2 Words)A cost that does not change as the amount of production changes.
- 19. (2 Words)The value of the next best alternative that is given up when a decision is made.
Down
- 1. The level of production or sales where total revenue equals total cost.
- 2. (3 Words)The reduction in average cost that can occur when production is increased.
- 4. (3 Words)The variable cost per unit of output, calculated by dividing total variable cost by the quantity produced.
- 5. (2 Words)The total income received from selling all units of a product or service.
- 6. (2 Words)A period of production long enough for all factors of production to be changed.
- 7. Money or assets used to start, operate, or expand a business or agricultural operation.
- 9. The cost of borrowing money or the return earned on money that has been invested.
- 10. (2 Words)The additional cost of producing one more unit of a product.
- 12. The amount remaining after all costs are subtracted from total revenue.
- 14. (2 Words)The combined amount of fixed costs and variable costs.