Economics

2. where buyers and sellers get together to trade
3. an economic system where resources are state owned and allocated by central body.
5. a simplified view of reality used to explain economic problems and issues.
7. any business that hires factors of production to produce goods and services
9. that part of an economy under ownership.
10. things that are necessary for survival, such as food.
11. resources are scarce so individuals, firms and goverments have to consider alternatives
13. inputs available for the production of goods and services
17. direct payments made by governments to proders of goods and services.
19. the value of labour to the productive potential of an economy
20. the goods and services that people may like to have but are not always realised

1. goods that are consumed by one person and not available to anyone else.
4. a good consumed with another
5. a good that is thought to be desirable for consumers but which is underprovided by the market because of information failure
6. the quntity of a product that consumers are willing and able to buy at differentprices per period of time other things equal, ceteris paribus.
8. the study of an economy or a group of economics
12. the maximum output that can be produced when all resources are used fully
14. a tax levied on goods and services, such as a general sales tax.
15. factors of production such as machinery , buildings and infrastructure.
16. a factor of production; natural resources in an economy
18. where it is possible to stop someone from consuming a good or service