Revision

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Across
  1. 5. Resources are allocated by supply and demand.
  2. 7. A sustained increase in the general price level.
  3. 8. Situation where resources (labour) are not fully utilized.
  4. 9. The amount of a good or service consumers are willing and able to buy.
  5. 12. A cost that does not change with output.
  6. 14. An organization that employs factors of production.
  7. 19. Goods used together.
  8. 20. The willingness and ability to sell a good.
  9. 22. Branch of economics dealing with the whole economy.
  10. 24. A market with only a few large firms.
  11. 26. The extra benefit from consuming one more unit.
  12. 27. Market structure with many firms selling differentiated products.
  13. 28. Goods that can replace each other.
  14. 29. A market with a single seller.
  15. 30. A measure of income inequality.
  16. 31. The stock of money and liquid assets in an economy.
Down
  1. 1. A period of negative economic growth for two consecutive quarters.
  2. 2. Tax on imports.
  3. 3. Government payment to producers.
  4. 4. The responsiveness of quantity demanded to a change in price.
  5. 6. The extra cost of producing one more unit.
  6. 10. A minimum legal price.
  7. 11. The study of individual markets and firms.
  8. 13. Goods where demand falls as income rises.
  9. 15. Total value of all final goods and services produced in a country in a year.
  10. 16. A limit on the quantity of imports.
  11. 17. Goods provided by the state, non-excludable and non-rival.
  12. 18. Cost of the next best alternative foregone.
  13. 21. Total revenue minus total cost.
  14. 23. The amount of money a firm receives from sales.
  15. 25. A legal maximum price.