2020 Year 9 Economic Glossary

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Across
  1. 1. The study of how people use scarce resources to satisfy needs and wants
  2. 3. Equipment used to make goods and services
  3. 5. market Place where factors of production are bought and sold.
  4. 7. Goods and services bought from overseas
  5. 8. of production Raw materials used to make goods and services (land, labour, capital & enterprise)
  6. 10. A system where all factors of production, distribution and consumption of goods and services are controlled by the government
  7. 12. Ability to combine all resources to make something (plan, recipe, system etc)
  8. 13. An organization that sells goods
  9. 15. Goods and services sold overseas
  10. 16. Organization with authority to make decisions for the population
  11. 17. Institution which handles money for households and firms
Down
  1. 2. A system which allows private ownership of the factors of production
  2. 4. Physical items used by consumer and services for a profit
  3. 6. Final users of goods and services to satisfy their needs and wants
  4. 9. Income flows which are added to the Circular Flow of Income model (investment, govt. spending, exports)
  5. 11. Reward for the use of resources
  6. 14. Where actions by one party have impacts on another, particularly economically.