Economics Unit 1 Key Terms 0.0 / 5 ? EconomicsKey terms/DefinitionsGCSEOCR Created by: a is for aranCreated on: 22-11-15 12:32 73284110956 Across 1. The quantity of goods consumers are willing and able to purchase at a given price in a given period of time (6) 4. When scarce resources are combined into a product (10) 5. When one firm gains control over another firm, either with or without the agreement of the second firm (8) 6. The money a firm receives from selling a good (7) 8. A form of external growth where two firms agree to join together (6) 9. The manmade resources used in production (7) Down 2. A legal price set by the government which firms are not allowed to charge below (7, 5) 3. Where resources are allocated by the government (7, 7) 7. Resources are allocated by the forces of supply and demand and goods are provided by private individuals and firms (6, 7) 10. The responsiveness of quantity demanded to a change in price (3)
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