Economics Revision

1. What firms/businesses give households in a flow diagram
4. Something that is essential for survival
7. The 'C' in factors of production
11. Someone who makes a good or service
13. The point where demand and supply meet on a graph
14. The 'x' flow of income explains how money moves through an economy
15. Pricing strategy where you charge $5.95 to make people think it's cheaper
17. What you give up by choosing another option
18. On a supply and demand graph, what INCREASES as price and quantity increase?
21. A customer who always buys goods and services from the same business
22. A consumer who only buys things when they are good value for money

2. A producer who produces food
3. Wants are unlimited, but needs are limited
5. The 'E' in factors of production
6. A business may try to be 'x' - meaning they care about the people who make their products
8. A producer who manufactures good in a factory
9. Someone who buys a good or service
10. Coles and Woolies banning plastic bags is an example of responding to which consumer demand?
12. Pricing strategy where you charge a lot to make it look expensive
16. The name for the group that give money to firms/businesses in a flow diagram
19. Acronym for Factors of Production
20. Something that you don't have to have but desire