9DAS: Economics

4. When the quantity supplied exceeds the quantity demanded
6. Individuals who are able to combine all three resources together to assist in the creation of goods and services.
7. The willingness and ability to purchase a product
9. Made up of many players that interact to direct the production and distribution of goods and services
10. A price decrease generally leads to a ______________________ in the market.
13. Skills utilised by people including physical exertion and mental talents to produce goods and services
14. A system where private individuals or businesses own a majority of capital goods.
15. The economic problem that exists due to unlimited wants and needs outweighing the limited resources
17. Used as a factor of production to supply goods and services
18. Individual markets that are examined in the economy
20. A model that allows us to make decisions about limited resources by looking at the pros and cons of the decision

1. A product that has the same or a similar function/characteristics
2. A product that is used in conjunction with another
3. Materials that are not man-made and found in its raw form
5. The willingness and ability to produce a product
8. The profit or value of something that must be given up to benefit from or achieve something else.
11. Where the demand curve intersects the supply curve
12. Manufactured or man-made resources used to assist in the creation or delivery of goods and services
16. Something that is necessary for survival
19. Something that is desired but not necessary for survival