Economics Unit 1 Key Terms

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R T Y P X V I F P V J E Y F S F J I D S I
N O H D V C E C R P G N G V E R D I O I S
A D O S X D T S G E P K Y J G S Q C H S O
T G N H R N M U W S P K A Y W B C E F G D
I I N T E R N A L G R O W T H O J A Y T D
O D V M J H M J G W U L P K R U K V E G Q
N D I V I S I O N O F L A B O U R C S Q K
A Y J S V N M J U F X K E V H V U G P C O
L V L V A R I A B L E C O S T S H N E V M
M S W L L A X F E T C H Y A Q M Q A C I D
I K Q I D U S T N H H F R D E R S N I X J
N V W D L K B B H I A T U X S F B X A O M
I X O P P O R T U N I T Y C O S T O L F W
M W N K I C D U F D J L G X P Y G T I B B
U M W D A R W X H U Q L X R G P W G S S N
M R E N T R E P R E N E U R S H I P A Y U
W X I E X T E R N A L G R O W T H V T L O
A C O M M A N D E C O N O M Y W A K I Y I
G N W V M A R K E T E C O N O M Y D O E Q
E G K J W K X F O I X S R F G S I D N X K
J O K P H E J P N F Q S A M U V O E M N U

Clues

  • A pay floor set by the government; this makes it illegal for employers to pay workers below that level (8, 7, 4)
  • Costs which change depending on how much output the firm produces e.g. Raw materials (8, 5)
  • Growth that occurs when a firm uses profit from increased sales to invest in more capital, labour or land (8, 6)
  • Growth that occurs when one firm joins another through a merger or takeover (8, 6)
  • Organises the other three factors of production and takes financial risks to make a profit (16)
  • Resources are allocated by the forces of supply and demand and goods are provided by private individuals and firms (6, 7)
  • The concentration by workers on different stages of production (8, 2, 6)
  • The concentration of works, firms, regions or whole economies on producing a narrow range of goods and services (14)
  • The next best alternative forgone (11, 4)
  • Where resources are allocated by the government (7, 7)

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