Economics

3. A good that is thought to be undesirable for consumers and is overprovided by the market because of information failure
8. Goods that are consumed by one person and not available to anyone else
9. Where it is possible to stop someone from consuming a good or service
11. The value of labour to the productive potential of an economy
12. A simplified view of reality used to explain economic problems and issues
15. An alternative good
16. A statement that is based on facts or actual evidence
17. A tax levied on goods and services
18. that part of an economy under government ownership
20. Someone who does not pay to use a public good

1. Goods that are not scarce and have zero opportunity cost
2. The maximum output that can be produced when all resources are used fully
4. Where there is a change in ownership from the public to the private sector
5. Where consumption by one person does not reduce consumption by someone else
6. What is involved in deciding whether to give up one good for another good
7. A good consumed with another
10. The total amount demanded by consumers
13. A situation in which wants and needs are greater than the resources available
14. An economic system where most decisions are taken through the market mechanism
19. A factor of production; natural resources in an economy