SHS Economics
Across
- 5. the Frenchman who brings together the factors of production
- 7. the factor of production that obsessed Marx
- 9. type of elasticity equal to 1
- 10. When prices fall
- 11. type of crude oil
- 13. Quantity is very sensitive to small changes in price
- 16. point where welfare loss is zero - Mickey Mouse's nose is drawn here
- 18. acronym for components of SRAS
- 20. acronym for components of Govt failure
- 21. Govt discourages consumption of this good (underground Car Park!)
- 22. one of the three functions of the price mechanism
- 24. unit of crude oil production
- 27. limit price set by govt above the equilibrium to be effective
- 28. acronym for components of LRAS
- 29. characteristic of this good means I can't stop you consuming it
- 33. an injection into the circular flow of income
- 35. When past economic events affect the future capacity of the economy to grow. For example Why past unemployment affects current unemployment
- 36. Curve associated with external benefits
- 39. limit price set by govt below the equilibrium to be effective
- 40. your one latin phrase in economics
- 41. denominator in all elasticity except YED
- 42. a resource that can be regenerated naturally
Down
- 1. Curve associated with external costs
- 2. denominator in YED formula
- 3. abbreviation depicts all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors, assumes that all inputs are used efficiently.
- 4. starting point for going up periscope or down to the car park
- 6. When inflation grows more slowly
- 8. Govt encourages consumption of this good (up periscope!)
- 12. Quantity is extremely unresponsive to changes in price
- 14. acronym for components of Market failure
- 15. point where welfare loss begins - back of Mickey Mouse's nose is drawn here
- 17. the Queen in every elasticity formula
- 19. my consumption of this good doesn't affect the amount left for you
- 23. the cost of the next best alternative foregone
- 25. when social costs and private costs are different
- 26. a withdrawal from the circular flow of income
- 30. The type of economic growth based on production not just rising prices
- 31. abbreviation for POTENTIAL productive capacity of the economy
- 32. He advocates increased Government spending to encourage economic growth during a recession
- 34. a statement of opinion that is not testable
- 37. objective statement that can be tested, amended or rejected by referring to the available evidence
- 38. German economist, lived his last years in London, predicted downfall of capitalist economies
- 43. abbreviation for the sum of all demand