Unit 1 Key Terms

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  • Created by: Emilyy11
  • Created on: 19-03-14 16:51
J U R C O M P E T I T I V E M A R K E T E
N B U F H X X L M Q G I A H S S Q A D T P
T P L A N N E D E C O N O M Y R P A N V H
N Q Y I J H B O Q X F V V J L T K K A U X
K X B L R B X A E O J A U G O I B N M V X
E U A T M M A R K E T E C O N O M Y E N S
R J F L T I U R P C X X O D D B E T D V A
E S L V A R I A B L E C O S T S V O E Q P
W I N F E R I O R G O O D S I Q U S V Y F
O P T L V A U G T C O H H O T T B D I D U
P E G Q O P P O R T U N I T Y C O S T L G
Y M V D C Y U O D A Q D O F X E I D C F V
L P R I V A T E S E C T O R W R I R E J I
O P J S X X W O R A L S V B V B J R F K J
P Y R P B V L L P X Y B X O C F J I F S K
O C P Y V F O R I O P S P C U R I T E J S
N A T I O N A L M I N I M U M W A G E A A
O M D L S C U K L U S N U O X E T H F R P
M H C M D K K E D L A K T G I D M B T N B
X Y X L L G V X L P B Y I T F W B W X C E
W W L A W I M K X H Y W J U N J G F N P O

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)
  • costs that vary directly with output (e.g. raw materials) (8, 5)
  • for demand to be effective a consumer must be both willing and able to buy the good or service. 'Willing' means they want it; 'able' means they have money to buy it. (9, 6)
  • goods for which the demand falls when income rises. An example may be bus journeys. (8, 5)
  • the next best alternative foregone when making a choice - what we give up when making a choice (11, 4)
  • the sector of the economy where firms are owned and run by private individuals and groups - their main aim is profit and maximisation (7, 6)
  • when a firm has more than 25% of the market share. Tesco has a legal monopoly in the supermarket industry, it holds approximately 31% of the market share. This means that 31% of all supermarket sales happen in 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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