Economics Unit 1 4.0 / 5 based on 1 rating ? EconomicsASEdexcel Created by: Abbey WilloughbyCreated on: 12-05-13 13:27 95321674810 Across 1. The characteristic of public goods that means that once a good has been produced for the benefit of one person, it is impossible to stop others from benefiting (3, 13) 4. Occurs when there are inefficient resources to provide for everyone's wants. (8) 6. A grant, usually provided by the government, to encourage suppliers to increase production of a good or service leading to a fall in price (7) 8. Resources are scarce, meaning that goods and services are in short supply. The name of the function of the price mechanism that allocates these goods and services to those willing to pay the most for them (9) 9. Concerned with facts and is value-free, can be tested as true or false using evidence (8, 9) 10. The name of the function of the price mechanism that means rising prices encourage firms to produce more of a given good or service (9) Down 2. Goods that are in direct competition (10) 3. A type of economy where the government makes all of the decisions on production and prices. Also known as a command economy (7) 5. The name of the function of the price mechanism that indicates changes in the conditions of supply or demand (10) 7. Where buyers and sellers come into contact for the purpose of exchange (6)
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