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  1. 1. Raw materials used to make goods and services (land, labour, capital & enterprise)
  2. 3. All human effort, both physical and intellectual
  3. 6. Ability to combine all resources to make something (plan, recipe, system etc)
  4. 9. An organization that sells goods
  5. 11. A company which operates in several countries with its headquarters in the parent country. (Apple)
  6. 15. Income flows which are added to the Circular Flow of Income model (investment, govt. spending, exports)
  7. 18. where goods and services are bought and sold.
  8. 20. Payment for use of land
  9. 22. Basic units used to make goods and services
  10. 28. The study of how people use scarce resources to satisfy needs and wants
  11. 29. That part of earnings not spent
  12. 32. Complex group of firms in many countries each producing a component of a final product.
  13. 33. Income flows that are removed from the Circular Flow model. (savings, tax, imports)
  14. 37. Goods and services bought from overseas
  15. 38. A system where factors of production are owned by the government
  16. 39. for the use of resources
  17. 41. Money paid at a particular rate for the money lent
  18. 42. Situation where demand is greater than supply
  19. 45. Purchase of new capital
  1. 2. The cost of the next-best alternative opportunity
  2. 4. An economy where people produce only enough goods and services for their own family
  3. 5. Equipment used to make goods and services
  4. 7. Payment per year for labour
  5. 8. Organisations that make goods and services
  6. 10. Compulsory government levy
  7. 12. A company that operates in many countries with independent headquarters in each.(McDonalds)
  8. 13. Organization with authority to make decisions for the population
  9. 14. Goods and services sold overseas
  10. 16. Payment per hour for labour
  11. 17. Actions done for consumers by producers
  12. 19. A system where all factors of production, distribution and consumption of goods and services are controlled by the government
  13. 21. Goods and services which we desire but don’t need
  14. 23. Physical items used by consumer and services for a profit
  15. 24. A system which allows private ownership of the factors of production
  16. 25. Where actions by one party have impacts on another, particularly economically.
  17. 26. Institution which handles money for households and firms
  18. 27. Financial assistance given to people by the Government
  19. 30. Action of only doing one part of the process
  20. 31. All resources provided by nature
  21. 34. Payment earned by entrepreneurs
  22. 35. Place where factors of production are bought and sold
  23. 36. Place where goods and services are bought and sold (Coles,, Fremantle markets) Same as Market
  24. 40. Basic necessities for life
  25. 43. Used to pay for goods and services
  26. 44. Final users of goods and services to satisfy their needs and wants