Demand and supply 0.0 / 5 ? EconomicsUnit 1 how the market works GCSEOCR Created by: Talya KayeCreated on: 28-04-14 17:24 56378214109 Across 1. an amount of money given to a service by the government to make this service cheaper/of a better quality for the public to use (7) 4. total revenue-total costs (6) 6. the business ideas and risk taken to invest (10) 7. where buyers and sellers meet to exchange goods and services, this does not have to mean a face to face meeting (6) 8. if the population of the target age groups increases/decreases this can shift demand right/left. This can be caused by a rise/fall in infant mortality, birth rates and life expectancy (10) 9. the machines used in production (7) 10. If the price of raw materials increases/decreases then average costs will increase/decrease so supply will shift left/right. (4) Down 2. if a good or service becomes more/less fashionable to the consumer the demand will usually follow this fashion trend and will shift right/left accordingly. (7) 3. where a firms average costs are low because the firm is very big (9, 2, 5) 5. Like demand, goods and services have fairly inelastic supply in the short term but in the long term supply can become more elastic as it can alter its scale of production. (4, 6, 6)
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