IGCSE Unit 3 Firms Vocabulary

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Across
  1. 3. A collection of the factors of production brought together by an entrepreneur to produce goods and services
  2. 6. The process in which resources are organized to make goods and services in order to meet customer requirements
  3. 9. The production process is split into different tasks, and each worker does just one task to help make a product
  4. 11. Organizations that are owned or controlled by central and local governments
  5. 13. When two or more firms join together to form a larger enterprise
  6. 14. Replacing one factor of production for another
  7. 15. One company buys all, or at least a controlling interest, of the shares in the ownership of another company"
  8. 16. Production that uses more capital (plant and machinery) relative to labor
Down
  1. 1. The average amount of output each employee produces per period of time
  2. 2. Occur when a firm increases production (scale) and its long run average costs per unit rise
  3. 4. Occurs when two or more firms agree to join to form a new enterprise
  4. 5. Occur when a firm increases production and its long run average costs per unit fall
  5. 7. Businesses owned by individuals or groups of individuals
  6. 8. When a business grows by increasing its own sales, customers, or products
  7. 10. Production that involves a larger proportion of labor than capital
  8. 12. The amount of output that can be produced from a given input of resources