economics unit 2 crossword terms

Vocabulary flashcard based on the lecture note for Unit Two.

regulation

Government intervention, that affects price, supply, or quantity

if adding workers increases total output decreasing rate, marginal returns are ——-?

diminishing

marginal cost

additional cost of producing one more unit

a graph of data points in a supply schedule create a supply _____.

curve

total cost

made up by variable and fixed expenses

Government may discourage the purchase of a good or service by adding a(n)

regulation

government can provide support for a market in the form of a(n)____

subsidy

output change from adding one more worker is the marginal product of ____

labor

the quantity of a good produced increases as the price rises according to the ____

law of supply

the amount of money it takes to keep a business open is the operating ____

cost