Economics Crossword - Ali & Alisha

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Across
  1. 2. living standards as measured by access to good and services
  2. 5. taxes paid by individual income earners
  3. 7. the income available for consumption on goods and services following the payment of unavoidable expenses
  4. 8. a good or service that serves the same or similar purpose as another good or service
  5. 12. an industry or market that is dominated by one seller of a product and the product does not have a close substitute
  6. 15. as the price of a product increases, the quantity demanded will tend to decrease
  7. 17. an indirect tax levied on certain goods such as tobacco, alcohol, and petrol
  8. 18. when the demand for a good or service is equal to the supply of a good or service at a given price
  9. 19. decisions made by individuals, businesses, governments, and other groups about how scarce resources should be allocated
  10. 22. a form of protection involving a tax on imports
  11. 23. physical items of value that are traded in markets
  12. 24. a situation where resources are limited compared to the demand placed upon those resources via wants and needs
  13. 26. occurs in competitive markets where there a large number of buyers and sellers in a market and each of them has little influence or power to manipulate prices
  14. 27. an industry where a few firms tend to dominate the industry in terms of market share and volume sold and there is limited competition
  15. 29. the cost of borrowing money or the rate of return from lending money.
  16. 30. resources which have been made by combining labour and natural resources to create a more sophisticated input in the production process (e.g machinery)
Down
  1. 1. as the price for a good or service increases, there will generally be an increase in the quantity supplied.
  2. 3. goods and services purchased by Australia that are manufactured overseas
  3. 4. goods and services that are made in Australia and purchased by foreign residents
  4. 6. the aspects of a person’s quality of life that cannot be measured by monetary factors
  5. 9. a good or service that tends to be consumed with another good or service
  6. 10. a diagram illustrating the choices or options available when deciding how to allocate scarce resources. it is often used to illustrate the concept of opportunity cost
  7. 11. an industry structure that is highly competitive with many similarities to perfect competition but products are differentiated
  8. 13. the volume of output that is produced from a given number of inputs. it refers to how well our factors of production combine to produce goods and services
  9. 14. how quickly resources can be reallocated from one activity to another
  10. 16. the ability of any particular business (or groups of businesses) to control or manipulate prices or quantities in a market
  11. 20. a benefit to producers commonly as cash payment or tax concession
  12. 21. the skills of those individuals who combine our resources to produce goods and services
  13. 25. a tax paid by economic agents via their purchases of good and/or services
  14. 28. a direct tax that is paid to the government based on income earned