Across
- 2. Same as the opportunity cost.
- 3. Inputs used to produced income. Factors to determine _____ are 1. Land, 2. Captial, 3. Labour, 4. Enterprise.
- 4. No "government intervention". Decisions of price and production are made by producers and consumers alone.
- 5. Any natural resources.
- 10. Creator of Keynesian Economics theory.
- 13. Mixture of public and private enterprises and free markets with some intervention from the government.
- 16. The gradual devaluation of money over time. When inflation increased, money is devalued (you need more money to buy product than in the past)
- 17. Combination of command and market systems.
- 18. Way to compare the costs and benefits of products where they are expressed in monetary units. E.g. superfund C vs B analysis.
- 19. A pointer that provides an indication of something.
- 21. Wants that are never satisfied and keep recurring.
- 22. Money paid for a product or service to satisfy a want or need.
- 25. Governments should allow markets to operate as they will with only intervention being monetary policiy that should follow fixed rules to contain inflation.
- 28. Gross domestic product, and economy's economic output per capita (person). The value of Goods and services produced in a nation.
- 32. Bartering and trading. Little surplus produced and if any excess goods are made, they are typically given to a ruilling authority.
- 35. Recourses and businesses are owned by government. Government decides what goods and services will be produced and what price will be charged.
- 36. Withdrawal of income from the economy's flow such as savings, taxation and imports.
- 38. Market should be left alone by the government. Pricing, force of supply and demand are all that are needed to regulate economy.
- 41. Any human service- physical or intellectual.
- 42. Eductaion and training and the quality of equipment with which the labourer will work.
- 43. As wants are unlimited as well as most needs, it is how to satisfy unlimted wants and needs with limited resources.
- 46. Goods or services that can be substituted. e.g. clothes, toys.
- 47. What you lose by choosing one alternatve or option over another. Encourages trade off, the choice not taken is the opportunity cost.
- 48. The government lets the economy be. Self interest and proft motive as well as being better than other shops.
- 49. Was introduced after The Great Depression. During recessions, governments should spend more money on putting money in people hands, driving up demand.
- 50. A person without a job.
Down
- 1. The use of government spending and tax policies to influence economic conditions, especially macroeconomic conditions.
- 2. Governments should intervene strongly in markets to ensure use distrobution of resources, especially when markets are seen to fail.
- 6. 1723-1790. Creator of the Invisible hand theory.
- 7. the number or proportion of unemploed people in an economy.
- 8. Slow down spending.
- 9. Family sector, Firms sector, Financial sector, Government sector, Overseas sector.
- 11. The science of how individuals make choices to satisfy wants and needs. Explores how producers and consumers interact with each other in markets.
- 12. Large amount of buyers and sellers, nobody can control market price.
- 14. The introduction of income into the economy's flow. Such as investment, government expanditure and exports)
- 15. There is only a limited number of resources(time, money etc), to allow unlimted production.
- 20. Economy with no government intervention
- 23. A consumer gives up one product or service for another.
- 24. Age, size, gender and hours worked by the labourer.
- 26. A product that is completely necessary for the consumer's survival.
- 27. Large "government intervention"
- 29. A product or service that is desired by the consumer however, it is not necessary for survival.
- 30. High spending.
- 31. 1. What are you making, 2. How much of it is to be made, 3. Who is it being made for.
- 33. Consumers will never get enough, there will always be another product or service they want to have.
- 34. All activities undertaken for the purpose of production, distrobution and consumption of goods and services in a region/ country.
- 37. A good whose appeal increases with popularity of its compliment. E.g. phone- phone case, cereal- milk etc.
- 39. Controlling cash supply and its effect on interest.
- 40. There's not enough of something - a product, service or resource to satisfy every consumer's wants at a zero price.
- 44. The ability to initiate the production process by organising all the necessary factors of production.
- 45. Investment in machinery and equipment.