Autumn 1 Key terms

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Across
  1. 1. the joining of two or more firms under common ownership
  2. 3. the extra revenue of selling one additional unit of output
  3. 4. the joining of two or more firms producing unrelated products
  4. 9. a firm owned, controlled and operated by a group of members, such as workers, for their own benefit
  5. 11. a firm that has to accept the market price because it does not have influence over the market
  6. 12. the problem that arises due to the divorce of ownership and control of a firm
  7. 14. the extra costs of producing one additional unit of output
  8. 16. when a firm splits into two or more independent businesses
  9. 17. a market that sells highly specialized goods
Down
  1. 1. the output at the minimum point of the LRAC
  2. 2. a form of integration where a firm with its supplier or distributor
  3. 5. costs that do not change with output
  4. 6. the period of production where at least one factor of production is fixed
  5. 7. costs that change with output
  6. 8. the type of growth where a firm increases its capital or labour
  7. 10. the period of production where all factors of production are variable
  8. 13. percentage of a firms revenue relative to the total revenue of the whole industry
  9. 15. a form of integration where a firm merges with its competitor