1.2 How markets work

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Across
  1. 3. Period of time where at least one factor of production is fixed
  2. 5. When changes in price lead to more or less being produced so increasing or limiting the quantity demanded by buyers
  3. 9. Demand, supply and price allocating resources
  4. 10. Demand, supply and price determining the allocation of resources
  5. 11. Measures the responsiveness of quantity demanded to a change in price
  6. 13. The additional utility from consuming one extrq unit of a good
  7. 15. Tax is foxed by volume
  8. 17. Tax is a % of price tag
  9. 21. Consumers may not behave rationally
  10. 24. good Two goods that are in competitive demand
  11. 25. The difference between the price consumers are willing to pay and the market price
  12. 26. Measures the responsiveness of quantity supplied to a change in price
  13. 27. When changes in price give information to buyers and sellers which influence their decisions to buy and sell
  14. 28. Satisfaction
  15. 30. Measures the responsiveness of quantity demanded of one good to a change in price of another good
  16. 31. The production of goods is directed by consumer demand
  17. 32. A change in price leads to no change in quantity demanded
  18. 33. The difference between the price producers are willing to receive and the market price
  19. 34. Tax on spending
  20. 35. As income rises demand falls
  21. 36. Two goods that tend to be used together
Down
  1. 1. A change in price leads to a less than proportionate chnage in quantity demanded
  2. 2. A change in price leads to a more than proportionate change in quantity demanded
  3. 4. A change in price leads to a proportionate change in quantity demanded
  4. 6. Where D=S
  5. 7. The additional utility from consuming one extra unit of a good falls as more are consumed
  6. 8. As income rises demand rises
  7. 12. Consumers maximise utility; producers maximise profits; factor owners maximise rent, wages; governement maximises social welfare
  8. 14. Rationing function, signalling function, incentice function
  9. 16. A change in price leads to an infinite change in quantity demanded
  10. 18. Measures the reponsiveness of quantity demanded to a change in income
  11. 19. Period of time where all factors of production can be varied
  12. 20. The quantity consumers are willing and able to buy at a particular price over a period of time
  13. 22. Where resources are allocated by the decentralised decision making of consumers and producers acting through markets, without any centralised planning
  14. 23. A grant paid by government to producers to encourage production or consumption of a good
  15. 24. The quantity firms are willing and able to produce at a particular price over a period of time
  16. 29. When changes in price encourages buyers and sellers to change the quantity they buy/sell