REVISION OF KEY CONCEPTS SA 1 (MICROECONOMICS)

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Across
  1. 4. A good used to produce other goods and services
  2. 8. The branch of Economics that studies decision making for the economy as a whole.
  3. 9. ‘all other things being equal’
  4. 10. A human input to the production process; workers used to produce goods and services.
Down
  1. 1. Natural resources from the earth, used to produce goods and services
  2. 2. Desires for goods and services that are not necessary for survival but that can provide a higher living standard.
  3. 3. The condition in which human needs and wants are forever greater than the resources available to satisfy them.
  4. 5. The study of how individuals and societies make decisions to maximise the use of scarce resources
  5. 6. The condition in which a maximum quantity of goods and services can be produced, given a limited amount of input resources.
  6. 7. The value of the next best alternative lost when making a decision.