Across
- 3. a tabulation of the quantity of a good that all consumers in a market will purchase at a given price
- 5. an expense that changes in proportion to production output or sales
- 7. a table that shows the quantity supplied at each price
- 9. a product or service that consumers see as essentially the same or similar-enough to another product
- 12. ongoing expenses incurred from the normal day-to-day of running a business
- 15. rules that limit who can enter a business (entry controls) and what prices they may charge
- 16. the static quantity of a good or service when its price changes
- 18. table that shows the quantity demanded of a good or service
- 19. describes how an increase in income can change the quantity of goods that consumers will demand
- 21. a graph that shows the relationship between price and supply
- 22. a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time
- 24. the use of population data as a way to study the patterns of behavior among groups of people that impact the economy
- 26. the number of goods or services that suppliers will produce and sell at a given market price
- 28. the total amount of money that a company earns through the selling of its goods and services, over a time period
- 30. the degree to which demand responds to a change in an economic factor
- 32. The scenario where the additional unit of a variable factor of production results in higher output per unit, given that all other factors are constant
- 35. the cost that is required to produce a product
- 36. adding an additional factor of production results in smaller increases in output
- 38. an economic theory that predicts how the price of goods and services affects their supply
- 39. a graph that shows the relationship between price and supply
- 40. An increase in orders and shipments of capital good
Down
- 1. takes place when the demand and subsequent sales numbers for a particular product decrease as the result of a price increase
- 2. the increase in revenue that results from the sale of one additional unit of output
- 4. costs that are independent of volume
- 6. the quantity purchased varies inversely with price
- 8. a table that lists the quantity supplied for a good or service that suppliers throughout the whole economy are willing and able to supply at all possible prices
- 10. a good that experiences an increase in demand due to an increase in a consumer's income
- 11. a good that adds value to another good when they are consumed together
- 13. the change in output that results from employing an added unit of labor
- 14. average fixed cost equals the total variable cost per unit of produced quantity
- 17. taxes levied on specific goods or services like fuel, tobacco, and alcohol
- 20. an economic concept used to measure the change in the aggregate quantity demanded of a good or service in relation to price movements of that good or service
- 23. measures how much the quantity supplied of a good or service changes when there is a price change
- 25. as the price of a good or service increases, the quantity of goods or services increases
- 27. all variables are the same
- 29. a given percentage change in price leads to an equal percentage change in quantity demanded or supplied
- 31. the change in total production cost that comes from making or producing one
- 33. an item that becomes less desirable as the income of consumers increases
- 34. indicators that show us the current trends in the economy
- 37. 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