Economics Glossary

Edit Answers
12345678910111213141516171819202122232425262728293031323334353637
Across
  1. 4. Equipment used to make goods and services
  2. 5. An economy where people produce only enough goods and services for their own family
  3. 9. Income flows that are removed from the Circular Flow model. (savings, tax, imports)
  4. 10. Physical items used by consumer and services for a profit
  5. 13. Income flows which are added to the Circular Flow of Income model (investment, govt. spending, exports)
  6. 16. Actions done for consumers by producers
  7. 17. Ability to combine all resources to make something (plan, recipe, system etc)
  8. 18. Institution which handles money for households and firms
  9. 20. Organisations that make goods and services
  10. 21. Goods and services bought from overseas
  11. 22. Situation where demand is greater than supply
  12. 26. Basic necessities for life
  13. 27. Organization with authority to make decisions for the population
  14. 29. Payment for use of land
  15. 32. A system where factors of production are owned by the government
  16. 35. Goods and services which we desire but don’t need
  17. 37. Where actions by one party have impacts on another, particularly economically.
Down
  1. 1. Payment per hour for labour
  2. 2. That part of earnings not spent
  3. 3. A system which allows private ownership of the factors of production
  4. 6. The study of how people use scarce resources to satisfy needs and wants
  5. 7. A system where all factors of production, distribution and consumption of goods and services are controlled by the government
  6. 8. Basic units used to make goods and services
  7. 9. All human effort, both physical and intellectual
  8. 11. Action of only doing one part of the process
  9. 12. Financial assistance given to people by the Government
  10. 14. Money paid at a particular rate for the money lent
  11. 15. An organization that sells goods
  12. 19. Final users of goods and services to satisfy their needs and wants
  13. 23. Purchase of new capital
  14. 24. Payment earned by entrepreneurs
  15. 25. All resources provided by nature
  16. 28. Goods and services sold overseas
  17. 30. Compulsory government levy
  18. 31. Payment per year for labour
  19. 33. Reward for the use of resources
  20. 34. Place where goods and services are bought and sold.
  21. 36. Used to pay for goods and services