Across
- 2. is a graph that shows how much of a good or service an individual will buy at each price.
- 4. Goods and services that can be used in place of other goods and services to satisfy consumer wants
- 6. is the term used for a change in the amount of a product that a consumer will buy because the purchasing power of his or her income changes—even though the income itself does not change.
- 12. shows the data found in the market demand schedule. In other words, it shows the quantity that all consumers, or the market as a whole, are willing and able to buy at each price.
- 13. are the price of the resources needed to produce a good or service.
- 14. is a graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price.
- 15. are expenses that the owners of a business must incur whether they produce nothing, a little, or a lot.
- 17. are goods that consumers demand less of when their incomes rise.
- 18. The desire to have a good or service and the ability to pay for it.
- 21. the act of controlling business behavior through a set of rules or laws, can also affect supply.
- 22. are business costs that vary as the level of production output changes.
- 25. states that producers are willing to sell more of a good or service at a higher price than they are at a lower price.
- 26. is the added revenue per unit of output, or the money made from each additional unit sold
- 27. of production by adding fixed and variable costs together.
Down
- 1. is the pattern of behavior that occurs when consumers react to a change in the price of a good or service by buying a substitute product— one whose price has not changed and that offers a better relative value.
- 3. which states that the marginal benefit from using each additional unit of a good or service during a given time period tends to decline as each is used.
- 5. When the use of one product increases the use of another product, the two products
- 7. States that when the price of a good or service falls, consumers buy more of it
- 8. is a tax on the production or sale of a specific good or service.
- 9. shows the data from the market supply schedule.
- 10. when a change in price, either up or down, leads to a relatively larger change in the quantity demanded.
- 11. This level of output is reached when the marginal cost and the marginal revenue are equal
- 16. is the income a business receives from selling a product. It can be expressed by the formula Total Revenue = P Q, where P is the price of the product and Q is the quantity purchased at that price.
- 19. are goods that consumers demand more of when their incomes rise.
- 20. refers to the willingness and ability of producers to offer goods and services for sale.
- 23. when a change in price leads to a relatively smaller change in the quantity demanded.
- 24. cost: or the additional cost of producing one more unit of their product.