Review Crosswords

2. The quantity of goods that suppliers are willing to sell at any given price over a period of time.
6. Said of at least one factor of production on the short run.
8. Desire for the consumption of goods and services.
9. A scheme whereby an organisation buys and sells in the open market so as to maintain a price considered as beneficial for both suppliers and consumers.
12. Any convenient set or arrangement by which is buyers and sellers communicate to exchange goods and services.
13. The cost of benefit to a third party.
14. Reason why the SRAC first decreases.
16. The first reason to merge/takeover.
17. Where resources are inefficiently allocated due to imperfections in the working of market mechanism.
18. Measure of the risks by a bank when lending money to an individual or a firm.
20. of scale At any level of output the costs for an individual firm will shift upward due to an increase in taxation, a decrease in subsidies or increase in the price of the factors of production in the market.
27. The R from MMMPR.
28. First objective of a firm.
29. In a free market this leads to innovation and efficiency.
30. The difference between how much buyers are prepared to pay for a good and what they actually pay.
33. The measure of the responsiveness of a variable due to a change in price.
34. Measure of how well resources are used to produce an end result.
36. When two companies agree to join together.

1. A good which can be replaced by another to satisfy a want.
3. Money given by the government to a firm in order to decrease its costs of production.
4. A statement which cannot be supported because it is a value of judgement.
5. Exists when production takes place at the lowest cost.
7. A good which is purchased with other goods to satisfy a want.
10. When a good is demanded for two or more distinct use. For instance milk can be used to make yogurt or cheese.
11. Name of the company who took over Volvo in 2010.
15. The assumption that all other variables within the model remain constant whilst one change is being considered.
19. When one firm buys another.
20. As output rises; LRAC will decrease.
21. The minimum which is necessary for a person to survive as human beings.
22. Acquired IBM in 2005.
23. When two firms in different industries merge together. For example Philip Morris and Kraft.
24. The benefit foregone of the next best alternative.
25. Said of a good where demand falls when income increases, for example bus tickets.
26. One of the key elements of division of labour.
30. Always vital but sometimes complicated with people living on the other side of the world.
31. Group of people which have an interest in a firm.
32. Linked to production of one extra unit.
35. UK Company bought by Kraft in 2010.