Economics

3. where a manufacturing process is split into a sequence of individual tasks
5. things that are necessary for survival such as food
8. a simplified view of reality used to explain economic problems and issues
10. time period when a firm can change at least one but not all factor inputs
11. the study of individual markets
12. time period when all factors of production are variable but with a constant such as the state of technology
13. what is involved in deciding whether to give up one good for another good
17. the study of an economy or group of economies
18. that part of an economy under government ownership
20. a situation in which wants and needs are greater than the resources available

1. the maximum output that can be produced when all resources are used fully
2. resources are scarce so individuals firms and governments have to consider alternatives
4. a factor of production; human resources available in an economy
6. the goods and services that people may like to have but are not always realised
7. the means of allocating resources in a market economy
8. where buyers and sellers get together to trade
9. where it is possible to stop someone from consuming a good or service
14. any business that hires factors of production to produce goods and services
15. as a factor of production; a physical resource made by humans that aids the production of goods and services
16. a factor of producctio; natural resources in an economy
19. inputs available for the production of goods and services