Across
- 2. living standards as measured by access to good and services
- 5. taxes paid by individual income earners
- 7. the income available for consumption on goods and services following the payment of unavoidable expenses
- 8. a good or service that serves the same or similar purpose as another good or service
- 12. an industry or market that is dominated by one seller of a product and the product does not have a close substitute
- 15. as the price of a product increases, the quantity demanded will tend to decrease
- 17. an indirect tax levied on certain goods such as tobacco, alcohol, and petrol
- 18. when the demand for a good or service is equal to the supply of a good or service at a given price
- 19. decisions made by individuals, businesses, governments, and other groups about how scarce resources should be allocated
- 22. a form of protection involving a tax on imports
- 23. physical items of value that are traded in markets
- 24. a situation where resources are limited compared to the demand placed upon those resources via wants and needs
- 26. occurs in competitive markets where there a large number of buyers and sellers in a market and each of them has little influence or power to manipulate prices
- 27. an industry where a few firms tend to dominate the industry in terms of market share and volume sold and there is limited competition
- 29. the cost of borrowing money or the rate of return from lending money.
- 30. resources which have been made by combining labour and natural resources to create a more sophisticated input in the production process (e.g machinery)
Down
- 1. as the price for a good or service increases, there will generally be an increase in the quantity supplied.
- 3. goods and services purchased by Australia that are manufactured overseas
- 4. goods and services that are made in Australia and purchased by foreign residents
- 6. the aspects of a person’s quality of life that cannot be measured by monetary factors
- 9. a good or service that tends to be consumed with another good or service
- 10. a diagram illustrating the choices or options available when deciding how to allocate scarce resources. it is often used to illustrate the concept of opportunity cost
- 11. an industry structure that is highly competitive with many similarities to perfect competition but products are differentiated
- 13. the volume of output that is produced from a given number of inputs. it refers to how well our factors of production combine to produce goods and services
- 14. how quickly resources can be reallocated from one activity to another
- 16. the ability of any particular business (or groups of businesses) to control or manipulate prices or quantities in a market
- 20. a benefit to producers commonly as cash payment or tax concession
- 21. the skills of those individuals who combine our resources to produce goods and services
- 25. a tax paid by economic agents via their purchases of good and/or services
- 28. a direct tax that is paid to the government based on income earned