Across
- 2. - The problem of finding answers to the questions what, how and for whom to produce is defined as ____________ of resources.
- 3. It is the branch of economics which studies the economic behaviour of a consumer or producer on an individual basis.
- 5. - It is that point at which demand is equal to supply.
- 7. - This function of the price mechanism states that prices act as signals to producers for them to revise their allocation of resources.
Down
- 1. - This function of the price mechanism takes place especially at times when a product is of limited availability but there is a very high demand for it.
- 4. - It is the branch of economics which studies the workings of the whole economy on a national or even international basis.
- 6. - It describes the combination of the market forces of demand and supply.