IGCSE Economics Unit 2 The allocation of resources Crossword

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Across
  1. 2. An economy with no or minimal government intervention.
  2. 4. The price at which the demand and supply curves in a given market meet.
  3. 6. The study of economic behaviour & decision making in the entire economy, rather than just an individual market.
  4. 8. An acronym for price elasticity of demand.
  5. 11. This occurs whenever there is excess demand or excess supply in a market.
  6. 13. If the price rises then demand will fall, this is known as ...
  7. 16. The study of individual markets.
  8. 17. The amount of good or service a firm is willing and able to produce
  9. 18. The quantity supplied does not change much with changes in price.
Down
  1. 1. This is the total income a firm earns from the sale of its goods and services.
  2. 2. When the price mechanism fails to allocate scarce resources efficiently or when the operation of market forces lead to a net social welfare loss. An error occurred.
  3. 3. The way price changes in response to changes in demand or supply, so that a new equilibrium position is reached.
  4. 5. The increase in demand due to changes in price (without changes in other factors)
  5. 7. When there is a scarcity of resources to satisfy all human wants and needs.
  6. 9. Where goods and services are part owned and run by both the private sector and the public sector.
  7. 10. This measures the proportional change in supply for any change in price.
  8. 12. The combination of all the individual demand for a good/service.
  9. 14. The want, willingness and capability of consumers to buy goods and services.
  10. 15. When the % change in quantity demanded is lesser than the % change in price.
  11. 19. The responsiveness of the quantity demanded to changes in its price.
  12. 20. An acronym for price elasticity of demand.