Economics Unit 1/2

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Across
  1. 6. Cost: The next best alternative foregone (given up) when an economic decision is made, note it is only the next best alternative not a range of alternatives.
  2. 7. Find new ways to combine resources
  3. 13. Total planned expenditure in the economy known by the identity C + I + G + (X - M)
  4. 15. Withdraws from the circular flow
  5. 16. When total income or revenue for a firm is greater than total cost
  6. 17. Goods or services sold abroad
  7. 19. the gap between limited resources and theoretically limitless wants
  8. 21. A tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year. The tax is generally imposed by the state in which the income is earned.
  9. 22. The price at which demand is equal to supply and there is no tendency for change
  10. 23. Goods or services purchased from abroad
  11. 24. A situation where there is a single seller in the market.
  12. 25. The ability to produce goods anywhere in the world and sell them in any country
  13. 27. rate The price of a country's money in relation to another country's money.
  14. 28. A sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate.
  15. 29. Money that originates outside the circular flow and so will increase national income/output/expenditure
  16. 30. The amount that consumers are willing and able to buy at each given price level
  17. 31. The costs incurred from a company manufacturing a product or providing a service.
Down
  1. 1. Goods that can be used as alternative to another good, i.e bus and railway services.
  2. 2. Referred as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible.
  3. 3. Referred as an statistical value of a data set that represents 20% of a given population
  4. 4. In a free market is the belief that everyone should have an equal opportunity to become wealthy by investing in and supporting entrepreneurship and employment.
  5. 5. The end result of production and manufacturing and are what a consumer will see on the store shelf
  6. 8. It is the phase of the business cycle where real gross domestic product (GDP) grows for two or more consecutive quarters, moving from a trough to a peak
  7. 9. The use of machines and technology to make processes run on their own without manpower
  8. 10. A graphical representation of the distribution of income or wealth within a population
  9. 11. Income remaining after deduction of taxes and social security charges, available to be spent or saved as one wishes.
  10. 12. An increase in the value of an asset over time. The increase can occur for a number of reasons, including increased demand or weakening supply, or as a result of changes in inflation or interest rates.
  11. 14. A period in which real GDP is declining. Also associated with declining inflation rates and increasing unemployment rates. Trough - point at which a contractionary phase ends and an expansionary phase begins
  12. 18. favourable/unfavourable
  13. 20. Defined as a situation where someone of working age is not able to get a job but would like to be in full-time employment.
  14. 26. Spending by firms on buildings, machinery and improving the skills of the labour force