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Vocabulary Chapter 4-5 Economics

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Across
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The additional income from selling one more unit of a good; sometimes equal to price
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A cost that rises or falls depending on the quantity produced
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A table that lists the quantity of a good all consumers in a market will buy at various prices
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The amount of goods available
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Consumers will buy more of a good when its price is lower and less when its price is higher
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Describes demand that is very sensitive to a change in price
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A graphic representation of a demand schedule
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A level of production in which the marginal product of labor increases as the number of workers increases
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The cost of producing one more unit of a good
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The statistical characteristics of populations and population segments, especially when used to identify consumers
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Two goods that are bought and used together
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A graph of the quantity supplied of a good at various prices
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The sum of fixed costs plus variable costs
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A factor that can change
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A good that consumers demand more of when their incomes increase
Down
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A chart hat lists how much of a good all suppliers will offer at various prices
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A tax on the production or sale of a good
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A government payment that supports a business or market
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The desire to own something and the ability to pay for it
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The change in output from hiring one additional unit of labor
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A graph of the quantity supplied of a good by all suppliers at various prices
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Describes demand whose elasticity is exactly equal to 1
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The total amount of money a company receives by selling goods or services
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Government intervention in a market that affects the production of a good