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