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