Econ HW

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Across
  1. 4. considers the cost of any choice in terms of the next best alternative given up.
  2. 5. demand would increase at a greater proportion to an inferior income
  3. 7. higher educated people go to other countries or places which makes the country where they left from lose a bit of the smart people.
  4. 10. include businesses owned by individuals or groups of individuals.
  5. 11. the quantity of goods and services consumers are willing to buy at a given price
  6. 13. The curve (or frontier) represents the maximum of resources being used.
  7. 16. spending by a government, usually a national government.
  8. 18. These are purchased by households such as food, confectionery, cars, tables and bath toys
  9. 19. increase in the level of output by a nation
  10. 20. These are purchased by firms and used to produce other goods such as factories, tools, equipment and oil for plastic bath toys
Down
  1. 1. The amount of good producers are willing to offer for sale at different prices in a given period of time.
  2. 2. Land: All natural resources used in production, for example building land, oil,Labour: the human contribution to production- I.e. workers, Capital: capital refers to man-made equipment that is developed to aid the production of other goods and services? For example machines, computers, vehicles, shop fixtures, till., Enterprise: the person(s) who has the initial business idea, raises the money and organizes the other factors of production.
  3. 3. If income rises = demand rises, If Income decreases = demand goes down
  4. 6. When total revenue is greater than total cost
  5. 8. % change in quantity demanded / % change in price
  6. 9. a Latin phrase, meaning "other things equal"; some other English translations of the phrase are "all other things being equal", "other things held constant", "all else unchanged", and "all else being equal
  7. 12. involving or dependent on a number of factors, especially genetic or environmental factors.
  8. 14. wants are infinite and needs are scarce
  9. 15. The amount of money a firm receives from selling goods
  10. 17. includes all organizations that are owned and operated by either the central government or local governments