Across
- 2. occur when hiring new workers causes marginal product to increase
- 3. is a set of rules or laws designed to control business behavior
- 6. are the price of the resources used to make products
- 9. is the amount of goods and services that a person can produce in a given time
- 12. occurs when a change in the marketplace prompts producers to sell different amounts at every price
- 16. lists how much of a good or service all producers in a market are willing and able to offer for sale at each price
- 17. is the money made from the sale of each additional unit of output
- 18. lists how much of a good or service an individual producer is willing and able to offer for sale at each price
- 21. are those that business owners incur no matter how much they produce
- 22. is the sum of fixed and variable costs
- 23. is the level of production at which a business realizes the greatest amount of profit
- 24. is a rise or fall in the amount producers offer for sale because of change in price
Down
- 1. is the change in total output brought about by adding one more worker
- 4. is a measure of how responsive producers are to price changes in the market place
- 5. entails applying scientific methods and innovations to production
- 7. is a companys income from selling its products
- 8. depend on the level of production output
- 10. the desire and ability to produce and sell a product
- 11. states that when prices decrease, quantity supplies decreases, and when prices increase, quantity supplied increases
- 13. shows the data from a market supply schedule in graph form
- 14. shows the data from a supply schedule in graph form
- 15. is having a worker focus on a particular aspect of production
- 19. is a tax on the making or selling of certain goods or services
- 20. is the extra cost of producing one more unit