Economics - Glossary

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Across
  1. 2. An entity that produces goods and/or services to interested parties in exchange for payment. The same entity also acquires and consumes goods and services.
  2. 6. Land itself and raw materials that come from the land.
  3. 8. An economy based on natural resources, where production is meant for direct consumption and survival rather than for creating surplus and profit.
  4. 9. The money spent by a company producing a product.
  5. 11. Any place or venue (physical or virtual) where buyers and sellers can exchange goods and services.
  6. 15. Economic system where decisions regarding investment, production, and distribution are guided by price signals created by supply and demand. Private individuals and businesses own resources and make decisions, rather than a central government.
  7. 17. Any system that regulates production, resource allocation and distribution of goods and services.
  8. 18. Something that we must have in order to survive, i.e. food, clothes and shelter
  9. 19. The action of producing goods or services.
  10. 20. An amount of products that exceed what is currently needed which can therefore be allocated to exchange.
  11. 25. A person who attempts to make a profit by starting a company or by operating alone in the business world.
  12. 27. The social science studying how individuals, businesses, and governments allocate limited resources to satisfy unlimited wants.
  13. 29. A unit consisting of one or more persons living together in the same dwelling who make joint financial decisions, pool income, and consume goods and services together.
  14. 31. Anything received in exchange for goods or services.
  15. 33. Exclusive legal possession of items such as capital, land, as well as goods and patented ideas.
  16. 35. The money a business receives for selling a product in the market
  17. 36. Individuals or organisations that produce and sell goods or services in the market.
  18. 37. The quantity of a good that consumers are willing and able to purchase at various prices during a given time.
  19. 39. The exchange of money, goods, or services against other goods and/or services in an acceptable amount to both parties, which has been agreed upon in advance.
  20. 40. The combination of capital, entrepreneurship, labour and land.
Down
  1. 1. Anything that enables an individual or an organisation to work effectively (e.g. natural resources like oil or iron; capital like a computer or scissors; labour like educated workers)
  2. 3. Compensation for the work produced by a worker.
  3. 4. An economic system where a central authority (e.g. the government) makes all key decisions regarding the production, distribution, and pricing of goods and services.
  4. 5. The minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period. This is established by the law of the country.
  5. 7. The act of giving one thing and receiving another in return, typically of equal value.
  6. 8. The condition in which limited resources are inadequate to meet unlimited wants.
  7. 10. An action, underpinned by a skill, which is produced and consumed in the market.
  8. 12. The positive difference between a product's price and cost, which is the net earnings of a business/company/firm.
  9. 13. The physical tangible item which is produced and consumed in the market.
  10. 14. The management that combines the other three factors of production (land, labour, and capital) to produce something and create a profit.
  11. 16. Individuals or organisations that buy and consume goods or services in the market.
  12. 21. The human effort, skills, and time provided by workers.
  13. 22. Something that an individual desires but is not required for survival.
  14. 23. The negative difference between a product's price and cost, which signals the company unprofitability.
  15. 24. The action of consuming goods or services.
  16. 26. Any tangible or intangible item that can be owned by a person, business, or other entity (government, NGO).
  17. 28. An individual who performs labour, tasks, or services for an employer, business, or organisation in exchange for compensation.
  18. 30. The next best alternative given up (or its value) when a decision is made
  19. 32. The ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options.
  20. 34. The total amount of a product or service available to consumers at a given price.
  21. 38. Human-made tools, machinery, and infrastructure used to produce goods.