Term 1 and 2 Revision

2. The amount paid for a good or service in a market.
5. The quantity of a good or service consumers are willing and able to buy at different prices.
7. A type of efficiency where goods and services are produced at the lowest possible cost.
10. The quantity of a good or service producers are willing and able to sell at different prices.
11. Government payments that lower the cost of producing or consuming a good or service.
12. The human effort used in the production of goods and services.
15. System where buyers and sellers exchange goods and services.
16. The sector of the economy that collects taxes, provides public services and intervenes in markets.

1. The tools, machinery and equipment used to produce goods and services.
3. Money earned from providing factors of production, such as wages, rent, interest or profit.
4. The total value of assets owned by an individual or household, minus any debts.
6. The market outcome where quantity demanded equals quantity supplied.
8. A measure of how responsive buyers or sellers are to a change in price.
9. A type of efficiency where resources are used to produce the goods and services most valued by society.
13. Government charges on income, goods or services that can influence market behaviour.
14. The natural resources used in the production process.