Across
- 3. The point where what is expected or planned is equal to what is realized or actually happens.
- 4. A type of economic model with few variables.
- 7. The policy of building a nation’s wealth by exporting more goods than it imports.
- 10. Another name for human capital.
- 12. The value of best next alternative foregone.
- 15. FEP stands for Fundamental Economic …
Down
- 1. “Father of modern economics” named Adam.
- 2. First word in RPI
- 3. Name the missing factor of production- Land, Labour, Capital.
- 5. A type of advantage when 1 person can produce more of a certain good than another, given same factor input.
- 6. … Efficient- this definition is used when describing a situation in which the profit of one party cannot be increased without reducing the profit of another.
- 8. A spending on capital equipment by a firm.
- 9. The last word in PPF
- 11. A type of model where time is a variable explicit.
- 13. A type of objective statement that can be tested or rejected by referring to the available evidence.
- 14. A period of temporary economic decline during which trade and industrial activity are reduced.
- 16. A synonym of “capital” that Mrs Newton hates