Economics Crossword

Medium of exchange
It refers to study of small unit of society
Labor using mostly hand and body or actual manpower action
Is the person who combines the other economic resources for use in the production of goods and services
Considered the natural resources
Refers to the desire of an individual to purchase of a certain commodity
When supply and demand are equal. The supply function and demand function intersect the economy.
If the percentage change in the quantity demand is less than the percentage change in price
When the quantity demanded changes a very large percentage is responses to almost zero percentage change in price
Come from greek word "oikonomia"
Can exercise a strong influence on the buyers behavior.
Person's purchases are influence by age, life cycle and others
A consumers behavior is also influenced by social such as references groups, family and social roles and statues
Exert the broadest and deepest influence on the consumer behavior
May be defined as the power of goods and services to satisfy wants.
The creation of any goods or service for the purpose of selling to buyers
This inputs is one where quantity cannot be easily changes when market conditions indicate that a change in output is desirable
This is inputs is one whise quantity can br readily change when a change in output is desired.
Referes to the total amount of output produced in physical units such as pair of shoes, bottles of vinegar and etc.
Refers to that time frame in which the input of one or more productive agents is fixed.
Is that period of time in which all inputs are variable
Is the additional cost incur in producing additional unit of product.
Is the sum of the average fixed cost(AFC) and average variable cost (AVC)
Is that part of total cost that do vary with the amount of output produced
Is the portion of the total cost which remains unchanged even if the level of output changes