Economics

5. the government has little or no direct involvement in the process of resource allocation
7. things that are needed for survival
9. it refers to the ability and inventiveness of the entrepreneurs who are prepared to take risks
11. a product or services that can be easily replaced with another by consumers
12. physical resources that are made by human to aid production
13. this factor of production includes a wide range of things such as mineral deposits like oil and coal
16. when the wants are unlimited but the resources are limited
18. a statement based on facts and is objective
19. goods or services that are beneficial to individuals and society but oftenunder-consumed in a free market economy
20. considered a human resource as it's the capacity of individuals to perform tasks and contribute to economic activity

1. something that is available to everyone in a society and benefits that given society
2. a type of good which experiences an increase in demand due to an increase in income
3. inputs used to produce goods and services
4. when everything else is unchanged apart from a single change of circumstances
6. cost of the choice in terms of the next best alternative
8. concentrating on producing certain goods or services than others
10. Central government and its organisations are responsible for the allocation of resources.
14. describes a good whose demand drops when people's incomes rises
15. a graphical representation that shows all the possible combinations of two goods or services that an economy can produce with its given resources and technology
17. and economic system where both the private sector and public sector have a part to play in the allocation of resources