Economics revision

2. A supply-side policy of making markets more competitive by removing barriers to entry and other market imperfections.
7. Import taxes that are imposed on foreign goods.
9. A type of economic system that relies on the government allocating scare resources.
10. People who take advantage of the goods or services provided by the government but have not contributed to government revenue through taxation.
12. A person who owns and runs a business as a single proprietor. They take all the risks but keep any profit made by the business.
13. The world's largest supplier of oil.
14. Refers to the use of factors of production in the economy, such as labour.
15. A sum of money given by the government to a producer to reduce the costs of production or to a consumer to reduce the price of consumption.
17. A condition that exists when people lack adequate income and wealth to sustain basic standards of living.

1. A financial record of a country's transactions with the rest of the world for a given time period.
3. Occurs when the price of a currency operating in a fixed exchange rate system is officially and deliberately increased.
4. A sustained rise on the general level of prices of goods and services over time, as measured by a CPI.
5. The act of swapping items in exchange for other items through a process of bargaining and negotiation.
6. Occurs in the business cycle when there is a fall in GDP for two consecutive quarters.
8. Used to control spending and investment in an economy.
10. A form of financial assistance for economic development from other countries or non-government organisations such as Oxfam and Unicef.
11. In this country, around 30% of the population are aged over 60.
16. Physical items such as tables, cars, toothpaste and pencils.