Economics Key Terms

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Across
  1. 2. A grant given to firms by the government which lowers the price to encourage consumption or production
  2. 5. The satisfaction derived from consuming a good
  3. 8. The inputs to production process: Land, labour, capital and enterprise.
  4. 9. Resources have to be allocated between competing uses because wants are inifinite, whilst resources are scarce
  5. 12. Price The point where what is expected or planned is equal to what is realised or actually happens
  6. 13. A good which is purchased with other goods to satisfy a want
  7. 14. A good which can be replaced by another, to satisfy a want
  8. 15. Where the responsiveness of demand, is proportionally greater than the change in price
  9. 16. A point of possibble change
  10. 17. The line on the price-quantity diagram which shows the amount consumers purchase of a given good or service
Down
  1. 1. The quantity of goods that a company is willing to sell at any given price over a period of time
  2. 2. Where buyers and sellers have the same access to information
  3. 3. The benefits forgone of the next best alternative
  4. 4. Output per unit of input employed
  5. 6. A statement that cannot be supported or refuted, because it is a value judgement
  6. 7. The assumption that all other variables within the model remain constant whilst one changes being considered
  7. 10. Revenue minus costs
  8. 11. Where demand is greater than supply