Across
- 2. An economic situation in which the market demand for a product is exactly equal to the total amount producers are willing and able to supply. As a result, there will be no pressure on the market price (2 words).
- 4. The demand for one product is dependent on the demand for another because they are consumed together (2 words).
- 5. A cost of production that does not vary directly with the amount produced (2 words).
- 10. Also known as turnover, it is the total amount of money raised by a firm from the sale of its output in a given (2 words).
- 11. A line drawn on a diagram to show how the total quantity demanded for a product varies with its price. The line is the sum of the individual demand curves of all the consumers of that product (3 words).
- 13. A cost of production that varies directly with the amount produced (2 words).
- 14. A merger between two or more firms in different industrial sectors.
- 16. The desire and ability of producers to make and sell a given product.
- 17. Cost advantages associated with increasing the scale of production within a firm. The result in a reduction in average production costs (4 words)
- 18. Type of merger-This occurs when two or more firms producing the same or similar products in the same industry and at the same stage of production combined to form a single larger firm.
- 19. Products that compete to satisfy the same consumer demand.
- 20. Type of merge-This occurs when a firm mergers with a distributor of its products or major business customer. For example, the takeover of a retail chain by a manufacturer (2 words).
- 22. The rewards of successful enterprise. It is the surplus remaining after the total costs are deducted from the total revenue.
- 23. The price at which demand will exactly match supply in a market (2 words).
- 24. The cost of producing each unit of output. It is equal to the total cost of production divided by total output (2 words).
- 25. Type of growth-Growth in the size of a firm through the purchase or hire of additional productive assets.
- 26. An economic situation in which a market is in disequilibrium because the supply of the product exceeds the amount consumers are willing and able to purchase. As a result, there will be pressure on market price (2 words).
- 27. The sum of fixed costs and variable costs incurred in the production of a given level of output (2 words).
Down
- 1. Type of merge-This occurs when a firm mergers with one or more firms in its supply chain. For example the merger of a food processor with a farm (2 words).
- 3. A line drawn on a diagram to show how the total quantity supplied of a product varies with its price. The line is the sum of the individual supply curves of all the producers of that product (3 words).
- 6. Coordination and other problems that occur in a firm that expands in size beyond its maximum efficient scale causing its average production costs to increase (3 words).
- 7. The willingness and ability to buy a product to satisfy a need or want.
- 8. A good for which demand will fall as disposable incomes rise.
- 9. Type of growth-Growth in the size of a firm through mergers.
- 12. An economic situation in which a market is in disequilibrium because demand for the product exceeds its supply. As a result, there will be pressure on the market price to rise (2 words).
- 15. Cost advantages associated with increasing the scale of production within an entire industry. As a result, all firms in the industry can benefit from lower average production costs (4 words).
- 21. A good for which demand will rise as disposable incomes rise.