CIE3M Economics Chapter One

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Across
  1. 2. A mistaken belief that what occurs before some event is logically the cause of it
  2. 4. Sciences, such as economics, history, and sociology, that study some aspect of human behavior
  3. 8. The sacrifice of one resource or production choice for another
  4. 10. A self sustaining system in which many independent transactions in a society create distinct flows of money and products
  5. 11. A hypothesis that has been proven false but is still accepted by many people because it appears to be true
  6. 13. A productive resource such as land, labour, or capital used to produce output
  7. 15. A mistaken belief that what is good for an individual is automatically good for everyone, or what is good for everyone is good for the individual
  8. 17. The sum of all that is lost from taking one course of action over another OR of producing one item measured in terms of another that could have been produced with the same resources
  9. 18. A method of study used to make discoveries in natural science and social science that has four steps: observation, data collection, explanation, verification
  10. 20. The cost of producing one item expressed in terms if the numbers of another items, which must be given up in order to produce the first item
  11. 21. To use limited resources efficiently in production
  12. 23. A particular use of resources that achieves a desired end
Down
  1. 1. A mistaken belief that a particular event has one cause rather than several
  2. 3. The point at which the vertical and horizontal axes meet on a graph
  3. 5. The branch of economics that deals with facts and direct observation of the world
  4. 6. The study of the way society makes decisions about the use of scarce resources
  5. 7. The branch of economics that deals with value judgements about economic subjects rather than facts and observations
  6. 9. Goods such as tools or machinery used to produce consumer goods
  7. 12. Those goods or services that an economy produces to satisfy human needs
  8. 14. The use of a bare minimum of resources to achieve a desired end
  9. 16. The curve on a production possibilities graph representing the maximum numbers of two items that can be produced with a given number of resources
  10. 19. The products produced by using resources or inputs such as land, labour, or capital
  11. 22. A greek work meaning "household" or "estate" which historically was the first subject of economics analysis