ECONOMIC REMEDIAL

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Across
  1. 2. In economics and other fields, it is used to simplify the analysis of cause-and-effect relationships by isolating one variable, assuming that all other relevant factors remain unchanged.
  2. 4. It looks at the behaviour & decisions of households(consumers) and firms(businesses), and how they interact.
  3. 6. A mixed economy incorporates elements of both market and planned economies, where both the private sector and the government have roles in making economic decisions.
  4. 7. In a planned economy, the government makes all the key economic decisions, including what goods and services are produced, how they are produced, and who gets them.
  5. 8. In economics, time periods play a crucial role in understanding how markets and economies behave over different durations. The two main types of time periods commonly discussed are the short run and the long run, though there are others depending on the context:
  6. 11. The Production Possibilities Curve (PPC), also known as the Production Possibility Frontier (PPF), is a fundamental concept in economics used to illustrate the trade-offs and opportunity costs involved in the production of two goods or services.
  7. 14. Goods and services are classified in various ways based on different economic criteria, such as their nature, purpose, and the type of demand they fulfill.
  8. 15. is a claim that expresses a value judgment or opinion about what ought to be rather than what is. It reflects personal beliefs, preferences, or moral values, often relating to ethical or policy issues. These statements cannot be tested or proven true or false because they are based on subjective viewpoints.
  9. 17. the ability and willingness of individuals (entrepreneurs) to organize the other three factors of production and take risks to create goods and services.
  10. 18. Also look at how consumers and firms interact but on broader level. Include some of government involvement.
  11. 19. Physical capital refers to tangible, man-made objects that are used to produce goods and services.
Down
  1. 1. Non-excludable goods are those for which it is difficult or impossible to prevent individuals from accessing or using them once they are provided. In other words, once the good is available, no one can be excluded from using it.
  2. 3. Scarcity refers to the fundamental economic problem of having limited resources to meet unlimited human wants and needs. Since resources such as time, money, labor, raw materials, and land are finite, individuals, businesses, and societies must make choices about how to allocate these resources effectively.
  3. 5. man-made resources used to produce other goods and services. It includes machinery, tools, equipment, buildings, and technology.
  4. 9. In a market economy, economic decisions such as what to produce, how to produce, and for whom to produce are determined by the forces of supply and demand with minimal government intervention.
  5. 10. Human capital refers to the skills, knowledge, experience, and attributes (such as health and motivation) that individuals possess and bring to the workforce
  6. 12. is, was POSITIVE STATEMENTS NORMATIVE STATEMENTS Can be proved Connects cause & effects Descriptive Based on facts Tells you what is objective
  7. 13. human effort (both physical and mental) used in production. It includes the workforce and the skills and abilities they bring.
  8. 16. all natural resources used in production, such as land itself, minerals, water, forests, and raw materials.
  9. 17. Excludable goods are those for which it is possible to prevent individuals who have not paid for the good from accessing or using it. In other words, access to these goods can be restricted to those who have made a payment or fulfilled certain criteria.