Across
- 2. Cost Is the sum total of all the costs incurred in producing something
- 3. cost is the highest valued alternative use that must be given up when a particular economic choice is made
- 4. Competition Refers to a market situation where all players sell identical products, each having a small share in the market.
- 5. Revenue Is calculated by dividing total revenue by the number of units sold
- 9. studies the actions of individual consumers or firms and how their behavior affects prices and quantities in a certain market
- 10. elasticity of Demand measures how much the quantity demanded of a product changes with a change in its price
- 11. Refers to the most effective use of an economy's resources to satisfy people's needs
- 12. Revenue Is the amount of money that a firm receives from selling an additional unit of output
Down
- 1. studies the behavior of the economy as a whole. Studies regional, national and global economies.
- 6. Cost Are costs that change according to the quantity of goods produced or used.
- 7. the study of the allocation of scarce resources among alternative users
- 8. it occurs when the limited resources available are unable to meet the unlimited wants of humans.