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