Across
- 3. the ones who undertake economic activities and make economic decisions.
- 11. a product whose demand decreases as income rises, and increases as income falls.
- 14. a product which can be used with another one.
- 16. a fall in the quantity demanded (QD) caused by a rise in the price (P) of a product.
- 17. the willingness and ability to sell a product.
- 19. a rise in the quantity supplied (QS) caused by a rise in price (P).
- 20. a rise in the quantity supplied (QS) at any given price (P).
- 21. a payment by the govt. to encourage the production of a product.
- 24. the situation where demand and supply are equal at a current price.
- 25. a rise in the quantity demanded (QD) caused by a fall in the price (P) of the product.
Down
- 1. a payment to the government.
- 2. an rise in demand at any given price.
- 4. the study of the economy as a whole.
- 5. a fall in demand at any given price.
- 6. a product whose demand increases as income rises, and decreases as income falls.
- 7. the study of the behavior and decisions of households and firms; and the performance of individual markets.
- 8. an economic system that includes both the private and public sector business activities.
- 9. a fall in the quantity supplied (QS) caused by a fall in price (P).
- 10. the situation where demand and supply are not equal at a current price.
- 12. an economic system where the government makes the crucial decisions; land and capital are state-owned; resources are allocated by directives.
- 13. a fall in the quantity supplied (QS) at any given price.
- 15. an economic system where the customers make the crucial decisions; land and capital are privately owned; resources are allocated by the price mechanism.
- 18. a product that can be used instead of another.
- 22. the willingness and ability to buy a product.
- 23. the average cost of production(total cost/output.