ecconomics

2. -> The demand for something essential, such as food or shelter
7. -> Type of Economic system where resource allocation is taken by the State/Gov. Agencies
11. -> The process of creating goods and services in an economy
12. -> There is a scarcity of resources to satisfy society's unlimited needs and wants.
17. -> All other factors influencing 2 variables are assumed to remain constant; “all other things being equal” (Latin)
19. -> Type of Economic System where resource allocation is taken by the private sector, producers and consumers
20. -> The role of the Entrepreneur in managing all 3 other FOPS, in order to enable production

1. -> Land, Labour, Capital, Enterprise
3. -> The process by which consumers satisfy their needs/wants
4. -> The next best alternative that is given up as a result of making a choice
5. -> The human workforce of the economy, includes the physical and mental effort involved production
6. -> The inputs used to produce goods and services; they are divided into 4 factors of production (FOPS)
8. -> The way in which a particular country attempts to answer the basic economic problem
9. -> Joins the different combinations of products that can be produced in an economy in a given period of time
10. -> The human-made inventions that aid in production
13. -> The human-made inventions that aid in production
14. -> The need to make decisions about the possible alternative uses of scarce resources
15. -> The demand for something less important than the demand for a need, for example, a new car
16. -> Individuals (consumers), Firms, and Governments
18. -> The natural resources of an economy; all that lays on the surface of the earth