Across
- 2. A grant given to firms by the government which lowers the price to encourage consumption or production
- 5. The satisfaction derived from consuming a good
- 8. The inputs to production process: Land, labour, capital and enterprise.
- 9. Resources have to be allocated between competing uses because wants are inifinite, whilst resources are scarce
- 12. Price The point where what is expected or planned is equal to what is realised or actually happens
- 13. A good which is purchased with other goods to satisfy a want
- 14. A good which can be replaced by another, to satisfy a want
- 15. Where the responsiveness of demand, is proportionally greater than the change in price
- 16. A point of possibble change
- 17. The line on the price-quantity diagram which shows the amount consumers purchase of a given good or service
Down
- 1. The quantity of goods that a company is willing to sell at any given price over a period of time
- 2. Where buyers and sellers have the same access to information
- 3. The benefits forgone of the next best alternative
- 4. Output per unit of input employed
- 6. A statement that cannot be supported or refuted, because it is a value judgement
- 7. The assumption that all other variables within the model remain constant whilst one changes being considered
- 10. Revenue minus costs
- 11. Where demand is greater than supply