Across
- 2. An entity that produces goods and/or services to interested parties in exchange for payment. The same entity also acquires and consumes goods and services.
- 6. Land itself and raw materials that come from the land.
- 8. An economy based on natural resources, where production is meant for direct consumption and survival rather than for creating surplus and profit.
- 9. The money spent by a company producing a product.
- 11. Any place or venue (physical or virtual) where buyers and sellers can exchange goods and services.
- 15. Economic system where decisions regarding investment, production, and distribution are guided by price signals created by supply and demand. Private individuals and businesses own resources and make decisions, rather than a central government.
- 17. Any system that regulates production, resource allocation and distribution of goods and services.
- 18. Something that we must have in order to survive, i.e. food, clothes and shelter
- 19. The action of producing goods or services.
- 20. An amount of products that exceed what is currently needed which can therefore be allocated to exchange.
- 25. A person who attempts to make a profit by starting a company or by operating alone in the business world.
- 27. The social science studying how individuals, businesses, and governments allocate limited resources to satisfy unlimited wants.
- 29. A unit consisting of one or more persons living together in the same dwelling who make joint financial decisions, pool income, and consume goods and services together.
- 31. Anything received in exchange for goods or services.
- 33. Exclusive legal possession of items such as capital, land, as well as goods and patented ideas.
- 35. The money a business receives for selling a product in the market
- 36. Individuals or organisations that produce and sell goods or services in the market.
- 37. The quantity of a good that consumers are willing and able to purchase at various prices during a given time.
- 39. The exchange of money, goods, or services against other goods and/or services in an acceptable amount to both parties, which has been agreed upon in advance.
- 40. The combination of capital, entrepreneurship, labour and land.
Down
- 1. Anything that enables an individual or an organisation to work effectively (e.g. natural resources like oil or iron; capital like a computer or scissors; labour like educated workers)
- 3. Compensation for the work produced by a worker.
- 4. An economic system where a central authority (e.g. the government) makes all key decisions regarding the production, distribution, and pricing of goods and services.
- 5. The minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period. This is established by the law of the country.
- 7. The act of giving one thing and receiving another in return, typically of equal value.
- 8. The condition in which limited resources are inadequate to meet unlimited wants.
- 10. An action, underpinned by a skill, which is produced and consumed in the market.
- 12. The positive difference between a product's price and cost, which is the net earnings of a business/company/firm.
- 13. The physical tangible item which is produced and consumed in the market.
- 14. The management that combines the other three factors of production (land, labour, and capital) to produce something and create a profit.
- 16. Individuals or organisations that buy and consume goods or services in the market.
- 21. The human effort, skills, and time provided by workers.
- 22. Something that an individual desires but is not required for survival.
- 23. The negative difference between a product's price and cost, which signals the company unprofitability.
- 24. The action of consuming goods or services.
- 26. Any tangible or intangible item that can be owned by a person, business, or other entity (government, NGO).
- 28. An individual who performs labour, tasks, or services for an employer, business, or organisation in exchange for compensation.
- 30. The next best alternative given up (or its value) when a decision is made
- 32. The ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options.
- 34. The total amount of a product or service available to consumers at a given price.
- 38. Human-made tools, machinery, and infrastructure used to produce goods.