Across
- 4. the sum of all outputs a firm produces within a specific period using given inputs
- 7. a point where increasing one input (like labor or capital) while holding others constant leads to progressively smaller increases in output
- 10. a graphical representation showing the relationship between the price of a good or service and the quantity that producers are willing and able to supply at that price
- 12. planning, execution, and post-production
- 15. the overall expense a firm incurs when producing a specific quantity of output
Down
- 1. quantity of a good or service
- 2. a period where at least one input to production is fixed
- 3. he sales volume where total revenue equals total costs, resulting in neither profit nor loss
- 5. It is a mathematical function that relates the maximum amount of output that can be obtained from a given number of inputs – generally capital and labor.
- 6. the recurring costs a business incurs to operate, which are not directly linked to the production of specific goods or services
- 8. a table that illustrates the relationship between the price of a good or service and the quantity that producers are willing to supply
- 9. any expense that changes in direct proportion to the level of production or sales within a business
- 11. an increase in the price of goods or services results in an increase in the quantity that suppliers make available to the market
- 13. A business cost that remains constant and does not change based on the size of the business
- 14. period where all factors of production, including capital, labor, and technology, are variable, allowing for full adjustment to economic changes