Economics crossword

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Across
  1. 2. All activities that are completed to produce, consume, or distribute goods/services in a place.
  2. 6. Any cost that is not foreseen when purchasing a product.
  3. 9. The economic problem is that we have limited resources to satisfy unlimited wants - we must make choices to satisfy those wants.
  4. 10. John Maynard Keynes proposed that during recessions, governments should spend money to give people money, driving demand up. An economy can fail if consumers and investors spend too little, and this aims to prevent this through government intervention.
  5. 11. A more understandable idea of GDP, taking the GDP and dividing it by the number of people in the country.
  6. 14. States that competition makes products/ services better/cheaper
  7. 18. The downswing of the economy, characterised by falling income, consumer spending, inflation, business/consumer confidence, and sales. Business failures are increasing.
  8. 21. A market where the government doesn’t interfere in any way.
  9. 22. A decision made to select one option over others.
  10. 23. Money that people place in a bank for a later date.
  11. 25. A product/service essential for a person to have.
  12. 26. An economy where all resources and businesses are owned by the government, who decides all of the economic questions. Some services, like healthcare and education, are provided for free.
  13. 27. The science of how people, businesses, and governments make choices in a market.
  14. 29. Goods/services that are created in a country that are transferred abroad.
  15. 31. A good/service that is difficult to find - that is, it is scarce.
  16. 33. A product sold that is not physical, where something is done for someone.
  17. 36. The uppermost turning point of the economy, characterized by increased employment, inflation, demand, and resource costs.
  18. 38. Any natural resource using in producing a product/service
  19. 39. The producers of the economy. They provide the household sector with wages in return for consumption and labour.
  20. 41. The firm creating a product or service in exchange for money.
  21. 42. An economy that is part capitalist, part socialist. It values private property, but also allows governments to shape economic activity.
  22. 44. Money given to employees by businesses in exchange for labour.
  23. 45. Any human service in producing a product/service. This includes employees and their physical/intellectual abilities, discussed in terms of quantity (number/type of workers), and quality (training).
  24. 46. A market is competitive if firms have to work against each other for customers. It has a larger number of buyers and sellers. This is positive as it keeps prices lower and allows for higher-quality goods/services to be produced.
  25. 47. Any good or service obtained by exchange, usually money.
  26. 48. Products that are not necessary, but we have a desire for.
  27. 49. The authority of the economy. They receive taxation in exchange for government expenditure.
  28. 50. Money that the government changes to people in order to spend it on resources for the general population.
Down
  1. 1. Two or more goods/services bought and used together.
  2. 2. The initiative behind a business to make profit off of goods/services.
  3. 3. When you make a choice, you must always forego something else - this is an opportunity cost.
  4. 4. Banks and financial institutions of the economy. They receive saving in exchange for investments.
  5. 5. An economy based on bartering/trading. Decisions are made with traditions in mind. Little surplus is produced, and if there is, it is typically given to authority/landowners.
  6. 7. An upswing in the economy, characterised by rising consumer demand, sales, investment, interest rates, inflationary pressure. The labour market tightens and unemployment lowers. Shortages begin to appear near the end of this phase.
  7. 8. Money that the government spends (that they receive as a result of taxation) on resources for the population.
  8. 12. A product that fulfills a person’s wants/needs.
  9. 13. investment made in equipment, machinery, etc.
  10. 14. Goods/services brought in from another country.
  11. 15. The consumers of the economy. They give labour and consumption to the firm sector in return for wages.
  12. 16. An individual or a company buying a product or service from a business, the producer.
  13. 17. A considered conclusion made.
  14. 19. The lowermost point of the economy, where GDP reaches its lowest. An economy is in recession if GDP contracts for 2 successive quarters.
  15. 20. The international trade of the economy. It receives imports in exchange for exports.
  16. 24. A piece of data used to predict investment possibilities.
  17. 28. cost The amount you pay upfront for a good/service.
  18. 30. The four factors of production are the things that make a business run and be able to produce goods/services: They are land, labour, capital, and enterprise/entrepreneurship.
  19. 32. A sum of money a firm, usually a financial institution, loans to another firm in exchange for a share of profits.
  20. 34. Wants that are never satisfied, and as such are permanent.
  21. 35. A product or service is scarce if the demand for it is greater than its supply.
  22. 37. The economic questions are questions consumers and businesses ask before purchasing a product. They are: what to buy, where to buy, and how to pay.
  23. 40. The total market value of all of the goods and services produced in a country, usually measured yearly. The RBA uses production measure (total value of all goods produced by industry), income measure (all profits and wages from employees/business after tax), and expenditure measure (total value of all goods and services bought by government and individuals).
  24. 43. An economy based around private enterprise - goods/service production is owned and operated by individuals or groups of individuals. Products are supplied based on demand.