Across
- 3. - a systematic process that businesses use to analyse which decisions to make and which to forgo. Weighs up the potential costs of a decision versus the potential benefits of it
- 5. - things that bring money into the economy
- 7. - the gradual devaluation of the value of money over time. When inflation gets out of control, money is quickly devalued.
- 8. - the individual’s ability to recognise a profit opportunity and the ability to organise the other factors of production (or resources). The entrepreneur will make a profit if this is done efficiently but also takes all the risks associated with production.
- 9. - what you lose by choosing one alternative over another (includes all real costs of making one choice over another, for example, the loss of time, energy and even the pleasure or utility derived). They involve a trade-off (you give up one thing for another).
- 11. - (Gross Domestic Product) measures the monetary value of final goods and services produced in a country in a given period of time. GDP per capita is an economy’s economic output per person. GDP is difficult to compare against other economies because it is measured in the currency of the specific country
- 15. - goods or services that can be substituted for another brand/type (butter and margarine)
- 17. - International Monetary Fund
- 18. - Businesses make decisions regarding what they will produce/sell, and governments make choices sometimes known as “guns or butter” (do they devote more money to defence vs. agriculture, etc.)
- 20. - A country’s output over a period of time
- 21. - a good sold for production or consumption just as it was found in nature
- 22. - whether the effect was evident or foreseeable during the decision-making process
- 23. - wants that are never satisfied and keep reoccurring (food, water)
- 24. - all activities undertaken for the purpose of the production, distribution and consumption of goods and services in a region or country
- 25. - satisfaction is what comes from the consumption of a commodity (good, service)
- 27. - if something is non-scarce, that is, there is enough to satisfy everyone’s wants even at zero price, then there'd be no reason to charge for it. Such a commodity would be known as a free good.
- 28. - all the things that nature provides and which may be used in the production of things people want
- 30. - the money that is associated with making a decision (the money you pay for a product, service, or good)
- 31. - the inputs used to produce a good or service in order to produce income
- 32. - the number or proportion of unemployed people in an economy. Important when considering the total economic performance of a country.
- 34. - an exchange of money
- 35. - the idea that the world's finite resources are insufficient to satisfy all human needs
Down
- 1. - whether the effect is beneficial or detrimental
- 2. - there is not enough of something (product, service, resource) to satisfy everyone’s wants, at a zero price.
- 4. - limited resources
- 6. - human tastes that are never satisfied with the various goods and services they already have. We always want more.
- 10. - a statistic about an economic activity. Economic Indicators allow for analysis of past/present conditions and future predictions
- 12. - the process of combining various inputs, both material and immaterial in order to create output.
- 13. - goods or services that consumers use together, such as ski boots and ski poles.
- 14. - a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
- 16. - Supply is the amount of a specific good or service that's available in the market. Demand is the amount of the good or service that customers want to buy
- 19. - questions to ask when producing a product, service or good
- 26. - things that are taking money out of the economy, and being used elsewhere
- 29. - capital is any human-made instrument of production (all tools, equipment and factories used to produce goods and services)
- 33. - people with all their efforts and abilities. Economists are concerned with the Quantity of Labour and Quality of Labour which can affect the outcome of production.