Across
- 2. goods, the group of goods and services where the demand for them increases as price rises, due to their 'snob value' or ability to demonstrate status.
- 4. Basic goods and services that are necessary for our survival.
- 6. efficiency, the situation where a nation's resources are producing the maximum amount possible, at the lowest cost
- 9. living standards, Factors that influence our well-being beyond our ability to purchase goods and services.
- 12. economics, economic statements or claims that are based on facts, are objective in nature, and that can be measured or tested for their truth or falsehood.
- 14. Something we desire to have to improve our satisfaction or quality of life, but that is not necessary for our survival.
- 15. efficiency, where resources need to be allocated or used in the economy in combinations that provide the maximum possible benefits for consumers and the nation
- 17. available resources are not being fully utilised in production
Down
- 1. conduct, two or more businesses joining forces to maximise profits
- 3. The spending of income on goods and services
- 5. The process of making a good or service
- 7. living standards, Living standards as measured by access to goods and services.
- 8. economics, is statements or claims that are based on opinion or value judgements
- 10. subtly coaxing people towards making more sensible decisions
- 11. failure, when an unregulated market is unable to allocate resources efficiently or where resources are allocated in such a way that national living standards or welfare is not maximised.
- 13. The mental and physical effort by humans in the production process
- 16. scarcity, The basic economic problem where the resources available for production are limited, relative to society's unlimited wants.