1.2 Economics

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Across
  1. 1. When the percentage change in demand is exactly equal to the percentage change in price. (7, 10)
  2. 3. A factor affecting the size and structure of market demand. (10, 6)
  3. 6. A promotional activity aimed at increasing consumer awareness or demand. (11)
  4. 7. Goods that have high income elasticity, often considered non-essential. (8)
  5. 8. Individuals who provide labor in exchange for wages. (7)
  6. 9. A good that is consumed alongside another, e.g., coffee and sugar. (9)
  7. 10. Goods for which demand decreases as income rises. (8, 5)
  8. 13. Laws introduced to regulate market activity. (11)
  9. 14. What occurs when factors like price increases or bad publicity occur. (6, 5)
  10. 20. People who purchase goods and services for personal use. (9)
  11. 21. When demand changes more than proportionally to a change in price. (7, 6)
  12. 23. The decreasing satisfaction gained from consuming additional units of a good. (10, 8, 7)
  13. 25. The institution responsible for managing public resources and policies. (10)
  14. 26. A measure of how much quantity demanded responds to price changes. (5, 10)
  15. 27. What happens when factors such as income or popularity increase. (6, 5)
  16. 28. Income adjusted for the effects of inflation. (4, 6)
  17. 31. The primary goal for consumers and firms in decision-making. (11, 9)
Down
  1. 2. When demand changes less than proportionally to a change in price. (9, 6)
  2. 4. A scenario where demand does not change regardless of price. (9, 8, 6)
  3. 5. A situation where any change in price leads to zero or infinite demand. (9, 7, 6)
  4. 11. Goods for which demand increases as consumer income rises. (6, 5)
  5. 12. Essential goods with low income elasticity. (11)
  6. 15. A trend or preference that can shift demand for goods. (7)
  7. 16. A good that can replace another in consumption, e.g., tea for coffee. (10)
  8. 17. The process of choosing the option that offers the greatest benefit compared to cost. (3, 9, 7)
  9. 18. A graphical representation of the relationship between price and quantity demanded. (6, 5)
  10. 19. Abbreviation for the responsiveness of demand to changes in income. (3)
  11. 22. Organizations that produce goods or provide services. (5)
  12. 24. The quantity of a good or service that consumers are willing and able to purchase at a given price. (6)
  13. 29. Abbreviation for the responsiveness of demand for one good to a change in the price of another. (3)
  14. 30. Abbreviation for the responsiveness of demand to price changes. (3)