Across
- 4. proportionally smaller profits or benefits derived from something as more money or energy is invested in it
- 6. the level of production at which the costs of production equal the revenues for a product
- 9. the price and other market policies pursued by sellers, in terms both of their aims and of the way in which they coordinate
- 11. something that is assumed or based on theory
- 14. a movement along the supply curve in response to a change in price
- 18. the extra output, return, or profit yielded per unit by advantages from production inputs
- 20. production within an economy that is divided into three main stages: primary, secondary and tertiary
- 22. a period of time in which all factors of production and costs are variable
- 23. the sum of all costs incurred by a firm in producing a certain level of output
- 24. refers to a business model that allows companies and individuals to buy and sell goods and services over the Internet
- 26. the responsiveness of producers (single sellers or the market as a whole) to a given price change
- 29. graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply
- 30. the total volume or amount of final output produced by a firm using given inputs in a given period of time
- 31. a corporate expense that changes in proportion to how much a company produces or sells
- 32. a direct or indirect payment to individuals or firms, usually in the form of a cash payment from the government or a targeted tax cut
- 33. the total revenue amount divided by the quantity
Down
- 1. the amount of earnings remaining after all direct costs have been subtracted from revenue
- 2. to produce or create
- 3. 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
- 5. the equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained
- 7. a stock of a resource from which a person or place can be provided with the necessary amount of that resource
- 8. the ongoing costs to operate a business but excludes the direct costs associated with creating a product or service
- 10. when the suppliers of a given good or service alter production or output
- 12. expresses the idea that an economy behaves differently depending on the length of time it has to react to certain stimuli
- 13. costs that do not vary with the amount produced
- 15. the number of goods or services that suppliers will produce and sell at a given market price
- 16. the incremental costs involved in producing additional units
- 17. more than one; several
- 19. the full amount of total sales of goods and services
- 21. the summation of individual firms' supply curves
- 25. the increase in revenue that results from the sale of one additional unit of output
- 27. the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa
- 28. a table that shows the quantity supplied at each price