Autumn 1 Key Terms

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Across
  1. 3. organizing production and taking risks to gain profit
  2. 5. the quantity that producers are willing and able to sell at any given price
  3. 7. the difference between the market price and how much the producer is willing to receive
  4. 9. a pair of goods that are consumed together
  5. 10. all things being equal
  6. 11. stock of manufactured resources used in production
  7. 14. a situation where quantity demanded is equal to quantity supplied
  8. 16. the act of focusing on one skill and becoming very good at it
  9. 17. workers used in production
  10. 19. cost of the next best alternative that is given up
  11. 20. a pair of goods that replace each other
Down
  1. 1. a situation of excess demand
  2. 2. a situation of excess supply
  3. 4. the condition where resources are limited in supply
  4. 6. the difference between how much a consumer is willing to pay and the market price
  5. 8. resources that cannot be replaced
  6. 12. the process of breaking down a complex production process into many small steps
  7. 13. the quantity that consumers are willing and able to buy at any given price
  8. 15. natural resources used in production
  9. 18. the additional satisfaction gained from consuming one additional unit of a good