Across
- 2. someone who consumed a good or service without paying for it
- 3. A decrease in the quantity demanded or quantity supplied
- 5. The total cost to a society of an economic activity
- 9. The willingness and ability to buy a product
- 12. A product whose demand decreases when income increases
- 14. Human resources including mental and physical human effort
- 16. The willingness and ability to produce and sell a product
- 19. When quantity supplied changes by a smaller percentage than the change in price.
- 21. The study of the behaviour and decisions of households and firms, and the performance of individual markets
- 23. The way the decisions made by households and firms interact to decide the allocation of resources
- 25. A product that is used together with another
- 26. The next best alternative forgone
Down
- 1. Limited resources but/and unlimited wants.
- 2. Scarce resources used in production including land, labour, capital and enterprise
- 4. Moving the ownership and control of an industry from the private sector to the government
- 6. A payment by a government to encourage the production or consumption of a product
- 7. Risk bearing and key decision making in business
- 8. Market forces resulting in an inefficient allocation of resources
- 10. Man-made goods used in production, e.g. machine
- 11. A product that can be used in place of another
- 13. Products which the government considers consumers do not fully appreciate how beneficial they are and so which will be under-consumed if left to market forces. Such goods generate positive externalities.
- 15. A rise in the quantity demanded or quantity supplied
- 17. A numerical measure of the responsiveness of the quantity demanded to a change in price.
- 18. A single seller
- 20. something go bad quickly (especially of food)
- 22. money that a firm receives, equals to price times quantity
- 24. An arrangement which brings buyers into contact with sellers