Unit 1

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

Clues

  • A market situation in which there are a large number of buyers (demand) and sellers (supply) (11, 6)
  • A pay floor introduced by the government, which sets a wage level below which producers cannot legally go (8, 7, 4)
  • Goods for which the demand falls when income rises. e.g. Bus (8, 5)
  • the increase in quantity demanded due to a fall in price (9, 2, 6)
  • The next best alternative forgone when making a choice - what we give up when we make a choice (11, 4)
  • When a firm grows too large and average costs start to rise (12, 2, 5)
  • when a nation or individual concentrates its productive efforts on producing a limited variety of goods (14)
  • Where a firm has more than 25% of the market share. e.g. Tesco (8, 5)
  • Where all resources are allocated by private individuals and groups (6, 7)
  • Where all resources are allocated by the government (7, 7)

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