Across
- 2. Large "government intervention"
- 5. Market should be left alone by the government. Pricing, force of supply and demand are all that are needed to regulate economy.
- 6. No "government intervention". Decisions of price and production are made by producers and consumers alone.
- 9. Consumers will never get enough, there will always be another product or service they want to have.
- 10. All activities undertaken for the purpose of production, distrobution and consumption of goods and services in a region/ country.
- 14. High spending.
- 15. Age, size, gender and hours worked by the labourer.
- 19. A product or service that is desired by the consumer however, it is not necessary for survival.
- 21. Creator of Keynesian Economics theory.
- 22. Eductaion and training and the quality of equipment with which the labourer will work.
- 23. A product that is completely necessary for the consumer's survival.
- 25. Bartering and trading. Little surplus produced and if any excess goods are made, they are typically given to a ruilling authority.
- 28. Receives imports in return for exports.
- 31. A good whose appeal increases with popularity of its compliment. E.g. phone- phone case, cereal- milk etc.
- 32. When injections are larger than leakages
- 35. Way to compare the costs and benefits of products where they are expressed in monetary units. E.g. superfund C vs B analysis.
- 39. Withdrawal of income from the economy's flow such as savings, taxation and imports.
- 41. Business activity rising, falling income, rising unemployment, declining inflationary pressure and low business plus consumer confidence.
- 44. The government lets the economy be. Self interest and proft motive as well as being better than other shops.
- 45. Inputs used to produced income. Factors to determine _____ are 1. Land, 2. Captial, 3. Labour, 4. Enterprise.
- 48. Economy with no government intervention
- 49. Any human service- physical or intellectual.
- 52. The use of government spending and tax policies to influence economic conditions, especially macroeconomic conditions.
- 53. There's not enough of something - a product, service or resource to satisfy every consumer's wants at a zero price.
- 54. A person without a job.
- 55. Recieves taxes in return for government expanditure.
- 58. The science of how individuals make choices to satisfy wants and needs. Explores how producers and consumers interact with each other in markets.
- 59. The ability to control and grow the economy at sustainable rate.
- 60. Controlling cash supply and its effect on interest.
- 61. The past price of a product compared to the current price of a product.
- 62. Family sector, Firms sector, Financial sector, Government sector, Overseas sector.
Down
- 1. 1. What are you making, 2. How much of it is to be made, 3. Who is it being made for.
- 3. Money paid for a product or service to satisfy a want or need.
- 4. The gradual devaluation of money over time. When inflation increased, money is devalued (you need more money to buy product than in the past)
- 7. Same as the opportunity cost.
- 8. Goods or services that can be substituted. e.g. clothes, toys.
- 11. Mixture of public and private enterprises and free markets with some intervention from the government.
- 12. the number or proportion of unemploed people in an economy.
- 13. Characterised by full employmentand inflationary pressure level of demand and expanditure being in excess supply.
- 16. What you lose by choosing one alternatve or option over another. Encourages trade off, the choice not taken is the opportunity cost.
- 17. Combination of command and market systems.
- 18. The introduction of income into the economy's flow. Such as investment, government expanditure and exports)
- 20. Recieves labour and consumption in return for wages.
- 24. Governments should intervene strongly in markets to ensure use distrobution of resources, especially when markets are seen to fail.
- 26. Recieves wages in return for labour and consumption.
- 27. Recieves savings in return for investments.
- 29. A pointer that provides an indication of something.
- 30. The ability to initiate the production process by organising all the necessary factors of production.
- 33. Large amount of buyers and sellers, nobody can control market price.
- 34. As wants are unlimited as well as most needs, it is how to satisfy unlimted wants and needs with limited resources.
- 36. Rising level in economic activity. Consumer demand rises and sales increase.
- 37. Investment in machinery and equipment.
- 38. Slow down spending.
- 40. Was introduced after The Great Depression. During recessions, governments should spend more money on putting money in people hands, driving up demand.
- 42. Recourses and businesses are owned by government. Government decides what goods and services will be produced and what price will be charged.
- 43. A consumer gives up one product or service for another.
- 46. Production at low levels and low consumer demand and inflation and high unemployment.
- 47. Wants that are never satisfied and keep recurring.
- 50. Governments should allow markets to operate as they will with only intervention being monetary policiy that should follow fixed rules to contain inflation.
- 51. Gross domestic product, and economy's economic output per capita (person). The value of Goods and services produced in a nation.
- 52. There is only a limited number of resources(time, money etc), to allow unlimted production.
- 56. 1723-1790. Creator of the Invisible hand theory.
- 57. Any natural resources.