Economics Glossary

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Across
  1. 6. Payment per year for labour
  2. 8. Goods and services bought from overseas
  3. 11. market Place where goods and services are bought and sold (Coles, Seek.com, Fremantle markets)
  4. 13. National Company A company which operates in several countries with its headquarters in the parent country. (Apple)
  5. 15. Goods and services which we desire but don’t need
  6. 16. Income flows that are removed from the Circular Flow model. (savings, tax, imports)
  7. 18. All human effort, both physical and intellectual
  8. 20. Goods and services sold overseas
  9. 21. A system where factors of production are owned by the government
  10. 24. The study of how people use scarce resources to
  11. 30. Organization with authority to make decisions for the population
  12. 33. Equipment used to make goods and services
  13. 34. A system which allows private ownership of the factors of production
  14. 37. needs and wants
  15. 38. Payment per hour for labour
  16. 40. Basic necessities for life
  17. 41. An organization that sells goods
  18. 43. chain Complex group of firms in many countries each producing a component of a final product.
  19. 44. Purchase of new capital
  20. 45. Place where goods and services are bought and sold.
  21. 46. Basic units used to make goods and services
Down
  1. 1. Organisations that make goods and services
  2. 2. Money paid at a particular rate for the money lent
  3. 3. All resources provided by nature
  4. 4. of production Raw materials used to make goods and services (land, labour, capital & enterprise)
  5. 5. Physical items used by consumer and services for a profit
  6. 7. Payment for use of land
  7. 9. Used to pay for goods and services
  8. 10. Action of only doing one part of the process
  9. 12. Ability to combine all resources to make something
  10. 14. Financial assistance given to people by the Government
  11. 17. Actions done for consumers by producers
  12. 19. An economy where people produce only enough goods and services for their own family
  13. 22. A system where all factors of production, distribution and consumption of goods and services are controlled by the government
  14. 23. Cost The cost of the next-best alternative opportunity
  15. 25. Income flows which are added to the Circular Flow of Income model (investment, govt. spending, exports)
  16. 26. Institution which handles money for households and firms
  17. 27. Where actions by one party have impacts on another, particularly economically.
  18. 28. National Company A company that operates in many countries with independent headquarters in each.(McDonalds)
  19. 29. Situation where demand is greater than supply
  20. 31. market Place where factors of production are bought and sold.
  21. 32. Final users of goods and services to satisfy their needs and wants
  22. 35. Payment earned by entrepreneurs
  23. 36. Compulsory government levy
  24. 39. That part of earnings not spent
  25. 42. Reward for the use of resources