Recap- Economics

2. The portion of disposable income not immediately spent on the consumption of consumer goods and services.
4. An economic system without intervention by the government.
5. A state when the market demand for a product is equal to its market supply.
6. The benefit of the next best alternative foregone is the ---------------- of that decision.
7. ---------- refers to human-made resources, including machinery, equipment and factory buildings.
11. Goods that have a negative impact on consumer health or welfare. They are likely to be overproduced and consumed in a free market.
15. Firms in this sector of an economy provide services.
17. A good which demand will fall as disposable income rise.
18. ----------- of resources is the central problem in economics.
19. The cost of borrowing & the reward for saving.
20. A firm may grow in size by employing more labour and capital to increase its scale of production.

1. resources are also known as --------- because they are used to produce goods and services.
3. Any item that is generally accepted by people and firms as a medium of exchange.
8. Studies what influences the economic decisions of consumers, producers and households.
9. A merger between two or more firms in different industrial sectors.
10. A cost created by an economic activity that is imposed on people or organizations who have no control over the activity.
12. The ----------- in a market economy ensures that scarce resources are allocated to their most profitable uses.
13. Financial supports or grants provided by a government.
14. An organization that represents the interests of workers.
16. The willingness and ability to buy a product to satisfy a need or want.