Across
- 4. human resources available in an economy；
- 5. selection； where information failure results in someone who is unsuitable obtaining insurance；
- 7. good； one that has adverse side eff ects when consumed；
- 9. the creation of capital goods；
- 14. economy； one where market forces and government, private and public sectors are involved in resource allocation decisions；
- 17. a situation where society knows best and has some right to make a value judgement；
- 19. system； the means by which choices are made in an economy；
- 21. natural resources in an economy
- 23. of resources； where resources are deliberately moved from one product to another；
- 25. mobility； the ease by which factors of production can be moved around；
- 27. needs that are not always realised；
- 29. mechanism； where decisions on price and quantity are made on the basis of demand and supply alone；
- 30. the process of creating goods and services in an economy；
- 32. debt obligations；
- 34. good； goods that have some but not all of the characteristics of public goods；
- 35. as more consume, the benefit to those already consuming is not diminished；
- 36. a man-made aid to production；
- 41. of labour； where a manufacturing process is split into a sequence of individual tasks；
- 42. of production； anything that is useful in the production of goods and services；
- 43. hazard； the tendency for people who are insured or otherwise protected to take greater risks；
- 45. organises production and is willing to take risks；
- 46. anything that is generally acceptable as a means of payment；
- 47. a situation in which wants and needs are in excess of the resources available；
- 48. growth； represented by a shift outwards of the production possibility curve；
Down
- 1. inputs available for the production of goods and services；
- 2. economy； one that has a low income per head；
- 3. possibility curve； a simple representation of the maximum level of output that an economy can achieve when using its existing resources in full；
- 6. where buyers and sellers get together to trade
- 8. where it is possible to exclude one from consumption；
- 10. rider； someone who does not pay to use a public good；
- 11. the extent to which there is an adequate supply of assets that can be turned into cash；
- 12. consumption； the capital required to replace that which is worn out；
- 13. the process by which individuals, firms and economies concentrate on producing those goods and services where they have an advantage over others；
- 15. where consumption by one person reduces availability for others；
- 16. or planned economy； one where resource allocation decisions are taken by a central body；
- 17. statement； one that is based on empirical or actual evidence；
- 18. statement； one that is subjective about what should happen；
- 20. the process by which consumers satisfy their wants；
- 22. where it is not possible to stop all benefiting from consumption；
- 24. structure； the way in which an economy is organised in terms of sectors；
- 26. economy； one where most decisions are taken through market forces；
- 28. good； one that is non-excludable and non-rival and for which it is usually diff icult to charge a direct price；
- 31. cost； the cost expressed in terms of the best alternative that is forgone；
- 33. failure； where people do not have full or complete information；
- 35. money； non-cash assets that can be quickly turned into cash；
- 37. goods； consumed by someone and not available to anyone else；
- 38. run； time period when all factors of production are variable；
- 39. underpins the concept that resources are scare so choices have to be made by consumers, firms and governments；
- 40. run； time period when a firm can only change some and not all factor inputs；
- 44. long run； time period when all key inputs into production are variable；
- 46. good； one that has positive side eff ects when consumed；