Introduction to Economics

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Across
  1. 5. meaning that the government becomes involved with the workings of markets.
  2. 7. development, meaning 'Development which meets the needs of the present without compromising the ability of future generations to meet their own needs'
  3. 10. of productions, inputs (land, labour, capital, entrepreneurship) used to produce goods and services.
  4. 12. good, Any good that is not scarce, therefore has a zero opportunity cost.
  5. 13. economic decision-makers interact with and depend on each other; arises from the fact that no one is self-sufficient.
  6. 15. study of choices leading to the best possible use of scarce resources in order to best satisfy unlimited human needs and wants.
  7. 17. well-being, levels of prosperity, economic satisfaction and standards of living among the members of a society.
  8. 19. capital', skills, abilities, knowledge and levels of good health acquired by people
  9. 20. "Involves making the best possible use of scarce resources to avoid waste
  10. 21. not enough to produce everything that human beings need and want.
  11. 22. includes the physical and mental effort that people contribute to the production of goods and services.
Down
  1. 1. capital', including machinery, tools, equipment, buildings, etc.
  2. 2. ,which itself has been produced (it does not occur naturally)
  3. 3. condition of being fair or just
  4. 4. includes all natural resources: land and agricultural land, as well as everything that is under or above the land,
  5. 6. cost, value of the next best alternative that must be given up or sacrificed in order to obtain something else.
  6. 8. examines the economy as a whole by use of aggregates, total income and output of the entire economy as well as total employment and the general price level.
  7. 9. examines the behaviour of individual decision making units, consumers and firms
  8. 11. ability of the environment and the economy to continue to produce and satisfy needs and wants into the future for future generations
  9. 14. organises the other three factors of production (land, labour and capital) and takes on the risks of success or failure of a business.
  10. 16. sciences, studies human society and social relationships, concerned with discovering general principles describing how societies function and are organised
  11. 18. selecting among alternatives, due to the scarcity of resources.