Economics: How markets work

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  • Created by: samstarrz
  • Created on: 12-04-14 15:20
D V P M E K V B U O N W B R X U D P L Y U
Y O P P O R T U N I T Y C O S T C B U E T
A V J B Y U X F G W D X Y N S A J M B J X
O V I D I V I S I O N O F L A B O U R J H
P N R N B D C S Q P H C A D K R A G I B L
I Y C U C I D F T V K A S U V Q P X H A Y
J O V J C Y A C W F N U L Q E B M B S M W
B I N E L A S T I C G O O D L N R I D O B
S I L U H A J X U T X Q R I L E E B D D E
R F R E E M A R K E T E C O N O M Y D V G
P W X B P F N I I U J N A H T T I O J M T
E I V A D V A L O R E M T A X N N N B I B
U J E I L W U X D Y F R X T X P I V U G V
N O N R E N E W A B L E R E S O U R C E F
M S P E C I A L I S A T I O N D M X E K O
W R H D I D E R I V E D D E M A N D Q F L
K U N I T A R Y E L A S T I C I T Y J A M
X R E N E W A B L E R E S O U R C E S E U
W F A Q G U I W O R S Q R U H I A K X T K
B Y G W T L V W B K N W W V L J C O Y G H
Y R H O L V L I D N P U P U G M A G W L R

Clues

  • A tax as a percentage of the price of the good (2, 7, 3)
  • If PED is equal to 1 (7, 10)
  • If you increase price, revenue will increase if... (9, 4)
  • Stock levels are depleted over time due to economic exploitation (3, 9, 8)
  • Stock levels can be maintained over a period of time (9, 8)
  • The demand for the good or service it produces not the labour itself (7, 6)
  • The loss of the value of the next best alternative foregone (11, 4)
  • Where an individual, firm, region, country concentrates on the production of a limited range of goods and services (14)
  • Where resources are allocated by the price mechanism (4, 6, 7)
  • Where the production process is broken down into a sequence of stages and workers are assigned to a particular stage (8, 2, 6)

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