Economics Glossary

2. Goods and services bought from overseas
4. Place where goods and services are bought and sold (Coles, Seek.com, Fremantle markets) Same as Market
7. The study of how people use scarce resources to satisfy needs and wants
8. Place where goods and services are bought and sold.
9. Ability to combine all resources to make something (plan, recipe, system etc)
11. Organization with authority to make decisions for the population
12. Income flows which are added to the Circular Flow of Income model (investment, govt. spending, exports)
14. Reward for the use of resources
18. An economy where people produce only enough goods and services for their own family
20. A company that operates in many countries with independent headquarters in each.(McDonalds)
21. The cost of the next-best alternative opportunity

1. Goods and services sold overseas
2. Where actions by one party have impacts on another, particularly economically.
3. company which operates in several countries with its headquarters in the parent country.
5. Financial assistance given to people by the Government
6. A system where factors of production are owned by the government
10. Final users of goods and services to satisfy their needs and wants
13. Situation where demand is greater than supply
15. A system which allows private ownership of the factors of production
16. Complex group of firms in many countries each producing a component of a final product.
17. Income flows that are removed from the Circular Flow model. (savings, tax, imports)
19. A system where all factors of production, distribution and consumption of goods and services are controlled by the government