Across
- 1. - the number or proportion of unemployed people in an economy. Important when considering the total economic performance of a country.
- 4. - the feeling that comes from the consumption of a commodity (good, service)
- 5. - 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
- 6. - a good sold for production or consumption just as it was found in nature
- 9. - the physical or financial resources used to produce value in an economy. These resources may be invested in tangible assets such as factories, businesses, and equipment, or intangible assets such as intellectual property and technological innovations
- 11. - 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.
- 13. - people with all their efforts and abilities
- 14. - limited resources
- 18. - the money that is associated with making a decision (the money you pay for a product, service, or good)
- 19. - measures the monetary value of final goods and services produced in a country in a given period of time
- 21. - things that bring money into the economy
- 22. - a statistic about a particular economic activity that allow for analysis of past/present conditions and future predictions
- 24. - 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.)
- 25. - 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
- 26. - the idea that the world's finite resources are insufficient to satisfy all human needs
- 28. - the system for deciding how scarce resources are used so that goods and services can be produced and consumed, specific to a region or country
- 32. - the process of combining various inputs, both material and immaterial in order to create an output
- 34. - goods or services that can be substituted for another brand/type (butter and margarine)
- 35. - IMF
Down
- 1. - human tastes that are never satisfied with the various goods and services they already have. We always want more.
- 2. - there is not enough of something (product, service, resource) to satisfy everyone’s wants, at a zero price.
- 3. - questions to ask when producing a product, service or good
- 7. - whether the effect was evident or foreseeable during the decision-making process
- 8. - wants that are never satisfied and keep reoccurring (food, water)
- 10. - the gradual devaluation of the value of money over time
- 12. - goods or services that consumers use together, such as ski boots and ski poles
- 15. - the amount of a specific good or service that's available in the market
- 16. - elements to consider when producing a good or service, in order to produce income
- 17. - the amount of the good or service that customers want to buy
- 20. - whether the effect is beneficial or detrimental
- 23. - what you lose by choosing one alternative over another
- 27. - an increase in the production of economic goods and services in one period of time compared with a previous period
- 29. - a system that combines aspects of both capitalism and socialism
- 30. - all the things that nature provides and which may be used in the production of things people want
- 31. - an exchange of money
- 33. - things that are taking money out of the economy, and being used elsewhere