Economics Unit 1 Key Terms 0.0 / 5 ? EconomicsKey terms/DefinitionsGCSEOCR Created by: a is for aranCreated on: 22-11-15 12:32 63542791810 Across 1. Output per worker per period of time (12) 4. A place where buyers and sellers come together to agree a price and to exchange goods/services (6) 7. The responsiveness of quantity demanded to a change in price (3) 10. The land, sea and everything they contain (4) Down 2. When one firm gains control over another firm, either with or without the agreement of the second firm (8) 3. Costs which stay the same no matter how much output the firm produces e.g. rent, tools (5, 5) 5. A tax placed which is a fixed amount of money per unit bought (8, 3) 6. Resources are allocated by the forces of supply and demand and goods are provided by private individuals and firms (6, 7) 8. The quantity of goods consumers are willing and able to purchase at a given price in a given period of time (6) 9. A tax placed which is a variable amount based on a percentage of the price (2, 7, 3)
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