Economics IGCSE

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Across
  1. 3. in technology- advances in the quality of capital goods and methods of production
  2. 6. expenditure by households on consumer goods and income
  3. 8. an association which represents the interests of a group of workers
  4. 11. desires for goods and services
  5. 12. an economic system where the government makes the crucial decisions, land and capital are state-owned and directives allocate resources is called _____ economic system
  6. 13. being able to turn an asset into cash quickly without a loss
  7. 15. a situation where there is not enough to satisfy everyone's wants
  8. 19. the study of the behaviour and decisions of households and firms and the performance of individual markets.
  9. 22. The ______ sector is the part of the economy controlled by the government
  10. 24. _____ demand is when the quantity demanded changes by a greater percentage than the change in price
  11. 25. the total costs to a society of an economic activity are called _____ costs.
  12. 26. a payment to the government
  13. 27. a product that can be used in place of another
Down
  1. 1. a payment by the government to encourage the production or consumption of a product
  2. 2. - the addition of individual components to arrive at a total amount
  3. 4. factors used to produce goods and services
  4. 5. the willingness and ability to buy a product
  5. 7. ________ growth is an increase in the size of a firm resulting from it merging or taking over another firm
  6. 9. - the next best alternative forgone while making an economic decision
  7. 10. an item which is generally acceptable as a means of payment
  8. 12. A _____ good is a non-rival and non-excludable product hence needs to be financed by taxation.
  9. 14. a product which does not require any resources to make it and so does not have an opportunity cost
  10. 16. human-made goods used in production
  11. 17. the average cost of production is called _____ cost. It is found by dividing the total cost by the output
  12. 18. the sale of public assets to the private sector
  13. 20. ______ banks are banks which aim to make a profit by providing a range of banking services to households and firms
  14. 21. the willingness and ability to sell a product
  15. 23. a group of firms producing the same product