ECON TOPIC 3 CROSSWORD

Quantity Supplied

the amount that a supplier is willing and able to supply at a specific price

Income Effect

the change in consumption that results when a price increase causes real income to decline

Demand Schedule

a table that lists the quantity of a good that a person will purchase at various prices in a market

Regulation

government intervention in a market that affects the production of a good

Supply Curve

a graph of the quantity supplied of a good at different prices

Demand Curve

a graphic representation of a demand schedule

Total Revenue

the total amount of money a firm receives by selling goods or services

Total Cost

The sum of fixed costs plus variable costs

Law of Supply

producers offer more of a good as its price increases and less as its price falls

Supply

the amount of goods available

Demand

the desire to own something and pay for it

Law of Demand

when a good's price is lower, consumers will buy more of it. when it is higher, they will pay less

Marginal Cost

the cost of producing one more unit of a good

Ceteris Paribus

All other things held constant