Across
- 3. Gross domestic product, and economy's economic output per capita (person)
- 6. The ability to initiate the production process by organising all the necessary factors of production.
- 7. Goods or services that can be substituted. e.g. clothes, toys.
- 8. Mixture of public and private enterprises and free markets with some intervention from the government.
- 10. Inputs used to produced income. Factors to determine _____ are 1. Land, 2. Captial, 3. Labour, 4. Enterprise.
- 11. Eductaion and training and the quality of equipment with which the labourer will work.
- 14. Way to compare the costs and benefits of products where they are expressed in monetary units. E.g. superfund C vs B analysis.
- 16. A product that is completely necessary for the consumer's survival.
- 19. All activities undertaken for the purpose of production, distrobution and consumption of goods and services in a region/ country.
- 20. Investment in machinery and equipment.
- 21. The science of how individuals make choices to satisfy wants and needs. Explores how producers and consumers interact with each other in markets.
- 22. the number or proportion of unemploed people in an economy.
- 23. There is only a limited number of resources(time, money etc), to allow unlimted production.
- 24. A consumer gives up one product or service for another.
- 26. Age, size, gender and hours worked by the labourer.
- 28. Withdrawal of income from the economy's flow such as savings, taxation and imports.
- 31. Same as the opportunity cost.
- 32. 1. What are you making, 2. How much of it is to be made, 3. Who is it being made for.
- 33. A product or service that is desired by the consumer however, it is not necessary for survival.
Down
- 1. Consumers will never get enough, there will always be another product or service they want to have.
- 2. The gradual devaluation of money over time. When inflation increased, money is devalued (you need more money to buy product than in the past)
- 4. Money paid for a product or service to satisfy a want or need.
- 5. As wants are unlimited as well as most needs, it is how to satisfy unlimted wants and needs with limited resources.
- 9. What you lose by choosing one alternatve or option over another. Encourages trade off, the choice not taken is the opportunity cost.
- 12. The use of government spending and tax policies to influence economic conditions, especially macroeconomic conditions.
- 13. A person without a job.
- 15. There's not enough of something - a product, service or resource to satisfy every consumer's wants at a zero price.
- 17. Wants that are never satisfied and keep recurring.
- 18. A good whose appeal increases with popularity of its compliment. E.g. phone- phone case, cereal- milk etc.
- 25. Any human service- physical or intellectual.
- 27. The introduction of income into the economy's flow. Such as investment, government expanditure and exports)
- 29. Any natural resources.
- 30. A pointer that provides an indication of something.