Across
- 2. type of economy where the government owns the factors of production and makes allocation decisions
- 5. when price rises, this type of demand falls by a bigger percentage
- 7. situation when producers and consumers wont change their behaviour
- 10. when consumers are willing and able to buy
- 11. type of product that people buy more of when their incomes fall
- 13. change in this can cause a shift in demand for ice-creams
- 15. increase in cost due the production of the last unit made
Down
- 1. caused by unlimited wants and limited resources
- 3. difference between price and what a producer would accept for a product
- 4. diagram that shows money moving around an economy
- 6. price mechanism signals, provides incentives and also...
- 8. everything else is unchanged
- 9. he wrote 'Wealth of Nations'
- 12. goods that are not scarce
- 14. part of economics that looks at 'details' rather than the big picture