Chapter 5 Economics

2. states when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases
5. those that business owners incur no matter how much they produce
9. the amount of goods and services that a person can produce in a given time
11. lists how much of a good or service an individual producer is willing and able to offer for sale at each price
12. a company's income from selling its products
14. shows the data from a market supply schedule in graph form
16. entails applying scientific methods and innovations to production
18. the level of production at which a business realizes the greatest amount of profit
19. the change in total output brought about by adding one more worker
20. the sum of fixed and variable costs
21. a measure of how responsive producers are to price changes in the marketplace
22. the money made from the sale of each additional unit of output
23. lists how much of a good or service all producers in a market are willing and able to offer for sale at each price
24. a tax on the making or selling of certain goods or services

1. occurs when a change in the marketplace prompts producers to sell different amounts at every price
3. shows the data from a market supply schedule in graph form
4. occurs when hiring new workers causes marginal product to increase
6. the desire and ability to produce and sell
7. occurs when hiring new workers causes marginal product to decrease
8. a set of rules or laws designed to control business behavior
10. a rise or fall in the amount producers offer for sale because of a change in price
11. having a worker focus on a particular aspect of production
13. the extra cost of producing one more unit
15. depend on the level of production output
17. the price of the resources used to make products