The Nature of Economics

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Across
  1. 4. An economic decision making based on considering the additional benefits and costs of a change in behaviour. (8,8)
  2. 5. A simplified representation of reality used to provide insight into economic decisions and events.
  3. 6. A process whereby the production procedure is broken down into a sequence of stages and workers are assigned to a particular stage. (8,2,6)
  4. 8. Goods produced for present use. (8,5)
  5. 11. A statement based on your option or beliefs, rather than on facts. (5,9)
  6. 13. Natural items that can be replenished. (9,9)
  7. 14. A measure of the economic activity carried out in an economy over a period. (5,8,7)
  8. 16. The value of the next-best alternative forgone.
  9. 17. A set of arrangements that allows transactions to take place.
  10. 18. A scenario that arises when people have unlimited wants but limited resources.
  11. 20. A statement about what is fact. (8,9)
Down
  1. 1. Goods used as part of the production process. (7,5)
  2. 2. Resources used in the production process. (7,2,9)
  3. 3. An economy in which market forces are allowed to guide the allocation of resources. (4,6,7)
  4. 7. The study of the interrelationship between economic variables at an aggregate level.
  5. 9. A Latin phrase meaning 'other things being equal.'(7,7)
  6. 10. The study of economic decisions taken by individual economic agents.
  7. 12. An economy in which resources are allocated partly through price signals and partly on the basis of intervention by the state.
  8. 15. A statement that involves a value judgement about what ought to be. (9,9)
  9. 19. An economy in which decisions on resource allocation are guided by the state. (7,7)