Economics

2. goods, the group of goods and services where the demand for them increases as price rises, due to their 'snob value' or ability to demonstrate status.
4. Basic goods and services that are necessary for our survival.
6. efficiency, the situation where a nation's resources are producing the maximum amount possible, at the lowest cost
9. living standards, Factors that influence our well-being beyond our ability to purchase goods and services.
12. economics, economic statements or claims that are based on facts, are objective in nature, and that can be measured or tested for their truth or falsehood.
14. Something we desire to have to improve our satisfaction or quality of life, but that is not necessary for our survival.
15. efficiency, where resources need to be allocated or used in the economy in combinations that provide the maximum possible benefits for consumers and the nation
17. available resources are not being fully utilised in production

1. conduct, two or more businesses joining forces to maximise profits
3. The spending of income on goods and services
5. The process of making a good or service
7. living standards, Living standards as measured by access to goods and services.
8. economics, is statements or claims that are based on opinion or value judgements
10. subtly coaxing people towards making more sensible decisions
11. failure, when an unregulated market is unable to allocate resources efficiently or where resources are allocated in such a way that national living standards or welfare is not maximised.
13. The mental and physical effort by humans in the production process
16. scarcity, The basic economic problem where the resources available for production are limited, relative to society's unlimited wants.