SHS Economics

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Across
  1. 5. the Frenchman who brings together the factors of production
  2. 7. the factor of production that obsessed Marx
  3. 9. type of elasticity equal to 1
  4. 10. When prices fall
  5. 11. type of crude oil
  6. 13. Quantity is very sensitive to small changes in price
  7. 16. point where welfare loss is zero - Mickey Mouse's nose is drawn here
  8. 18. acronym for components of SRAS
  9. 20. acronym for components of Govt failure
  10. 21. Govt discourages consumption of this good (underground Car Park!)
  11. 22. one of the three functions of the price mechanism
  12. 24. unit of crude oil production
  13. 27. limit price set by govt above the equilibrium to be effective
  14. 28. acronym for components of LRAS
  15. 29. characteristic of this good means I can't stop you consuming it
  16. 33. an injection into the circular flow of income
  17. 35. When past economic events affect the future capacity of the economy to grow. For example Why past unemployment affects current unemployment
  18. 36. Curve associated with external benefits
  19. 39. limit price set by govt below the equilibrium to be effective
  20. 40. your one latin phrase in economics
  21. 41. denominator in all elasticity except YED
  22. 42. a resource that can be regenerated naturally
Down
  1. 1. Curve associated with external costs
  2. 2. denominator in YED formula
  3. 3. abbreviation depicts all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors, assumes that all inputs are used efficiently.
  4. 4. starting point for going up periscope or down to the car park
  5. 6. When inflation grows more slowly
  6. 8. Govt encourages consumption of this good (up periscope!)
  7. 12. Quantity is extremely unresponsive to changes in price
  8. 14. acronym for components of Market failure
  9. 15. point where welfare loss begins - back of Mickey Mouse's nose is drawn here
  10. 17. the Queen in every elasticity formula
  11. 19. my consumption of this good doesn't affect the amount left for you
  12. 23. the cost of the next best alternative foregone
  13. 25. when social costs and private costs are different
  14. 26. a withdrawal from the circular flow of income
  15. 30. The type of economic growth based on production not just rising prices
  16. 31. abbreviation for POTENTIAL productive capacity of the economy
  17. 32. He advocates increased Government spending to encourage economic growth during a recession
  18. 34. a statement of opinion that is not testable
  19. 37. objective statement that can be tested, amended or rejected by referring to the available evidence
  20. 38. German economist, lived his last years in London, predicted downfall of capitalist economies
  21. 43. abbreviation for the sum of all demand