Across
- 3. Wants are unlimited and resources are finite
- 4. an advocate for free market
- 5. One of the four factors of production; natural resources such as oil, coal, wheat, physical space
- 8. a statement which is objective, can be proven right or wrong
- 11. One of the four factors of production; the willingness and ability to take risks and combine the three other factors of production
- 13. The problem of scarcity; wants are unlimited but resources are finite so choices have to be made
- 16. depict the maximum productive potential of an economy, using a combination of two goods or services when resources are fully and efficiently employed.
- 19. Goods bought and demanded by households and individuals
- 20. all other things being equal
- 21. where governments leave markets to their own devices, so the market forces of supply and demand allocate scarce resources.
Down
- 1. Both the free market mechanism and the government allocate resources
- 2. each worker completes a specific task in a production process
- 6. The study of societies and human behaviour
- 7. exploit the market by charging higher prices for lower-quality goods
- 9. goods which can be used to produce other goods, such as machinery.
- 10. meant to be impartial and fair; a reasonable way of resolving disputes, of apportioning work and co-ordinating organisations.
- 12. When labour becomes specialised during the production process so do a specific task in cooperation with other workers
- 14. Subjective statements based on value judgements and opinions; cannot be proven or disproven
- 15. value of the next best alternative forgone
- 17. hand, in the market which allocated resources to everyone’s advantage, allowing the greatest good f or the greatest number of people.
- 18. Money has to hold its value to be used for payment. It can be kept for a long time without expiring