Across
- 4. A good used to produce other goods and services
- 8. The branch of Economics that studies decision making for the economy as a whole.
- 9. ‘all other things being equal’
- 10. A human input to the production process; workers used to produce goods and services.
Down
- 1. Natural resources from the earth, used to produce goods and services
- 2. Desires for goods and services that are not necessary for survival but that can provide a higher living standard.
- 3. The condition in which human needs and wants are forever greater than the resources available to satisfy them.
- 5. The study of how individuals and societies make decisions to maximise the use of scarce resources
- 6. The condition in which a maximum quantity of goods and services can be produced, given a limited amount of input resources.
- 7. The value of the next best alternative lost when making a decision.