Revision for final

3. goods or services which when consumed create positive spillover effects in an economy, e.g. education, training and health care
11. the best alternative forgone
13. an increase in the output of an economy and in the long run, an increase in the economy’s productive potential
17. function of money that enable people buy and sell
18. reward to investment
21. sectors producing services
22. decisions on government spending and taxation designed to influence aggregate demand
24. function of money that enable people to save
26. benefits enjoyed by those who are not involved in the consumption and production activities of others directly

1. function of money enables the value of different items to be compared as prices are expressed in money terms
2. government charges imposed on income and wealth, such as income tax and inheritance tax
4. a situation where there is not enough to satisfy everyone’s wants
5. cost which do not change with output in the short run
6. cost that change with output
7. one which takes a larger percentage of the income or wealth of the rich
8. characteristic of money that each unit of money must be identical
9. characteristic of money that make it easy to carry money around
10. reward to enterprise
12. reward to labour
14. reward to land
15. the merger of one firm with another firm that either provides an outlet for its products or supplies it with raw materials, components or the products it sells
16. one which takes a larger percentage of the income or wealth of the poor
19. money a firm earns from its sales, before deducting costs of production
20. benefits received by those directly consuming or producing a product
23. the merger of firms producing the same product and at the same stage of production
25. risk bearing and key decision making in business