Across
- 2. all good and services that have a price are limited
- 3. the price of gold in two cities will not differ more than the cost of shipping the stuff from one place to another.
- 6. the organising and risk-taking factor of production
- 9. the excess of actual earnings that a producer makes from a given quantity of output above the amount the producer would be prepared to accept for that output
- 11. principle holds that freely available money hardly sits unclaimed for long.
- 12. is the empirical study of what is happening in the world, uses facts and statistics.
- 14. is a measure of welfare and well-being, it is measured in terms of education, health and public services, rathen than in only monetary terms.
- 18. the action of deciding how to allocate limited financial resources
- 19. focuses on markets collectively, taking a great view concerning inflation, growth, unemployment in a country
Down
- 1. the assumption that other factors of demand remain the same
- 4. relates to what is happening in the world and attemps to sketch out how the economy can be improved, words as "should, ought to, shall, if-will" are used.
- 5. the human factor of production, which includes the physical and mental contribution of the labour force
- 7. products or services in joined demand.
- 8. when a market is in equlibrium it is said to be in...
- 10. is the quantity of a good or service that consumers are willing and able to purchase at a given price
- 12. equilibrium means a state of equality between supply and demand
- 13. is the willingness and ability of producers to produce a quantity of a good or service at a given price
- 15. Is what you give up in order to have something else.(the best alternative forgone when an economic decision is made)
- 16. focuses on markets in isolation, deals with smaller agents
- 17. the extra satisfaction or utility gained by consumers from paying a price that is lower than the one they were prepared to pay.