Economics

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Across
  1. 3. the process by which individuals, firms and economies concentrate on producing those goods and services where they have an advantage over others
  2. 4. a statement that is based on the economist's opinion or value judgement and which cannot be proven
  3. 8. an economic system where most decisions are taken through the market mechanism
  4. 10. time period when all key inputs into production are variable
  5. 13. inputs available for the production of goods and services
  6. 14. a situation in which wants and needs are greater than the resources available
  7. 16. the maximum output that can be produced when all resources are used fully
  8. 17. a good that is thought to be undesirable for consumers and is overprovided by the market because of information failure
  9. 18. resources are scarce so individuals, firms and governments have to consider alternatives
  10. 19. a simplified view of reality used to explain economic problems and issues
  11. 20. a statement that is based on facts or actual evidence
Down
  1. 1. time period when all factors of production are variable but with a constant, such as the state of technology
  2. 2. an economic system where resources are state owned and allocated by a central body
  3. 5. as a factor of production, enterprise involves organising production and taking risks
  4. 6. an economic system where both market forces and government are involved in resource allocation decisions
  5. 7. the cost expressed in terms of the next best alternative that is foregone when a choice is made
  6. 9. where consumption by one person of a good or service reduces the availability of the good or service for others
  7. 11. a good that is thought to be desirable for consumers but which is underprovided by the market because of information failure
  8. 12. time period when a firm can change at least one but not all factor inputs
  9. 15. where it is possible to stop someone from consuming a good or service
  10. 18. a Latin phrase meaning 'other things equal' or 'other things are unchanged'; used by economists to model the effects of one change at a time
  11. 21. things that are necessary for survival, such as food