Across
- 2. refers to anything that is used a means of exchange for goods and services
- 4. the next best alternative that is forgone when a choice is made
- 5. are those whose stock levels can be maintained at a certain level
- 8. those which will eventually be depleted
- 10. this exists because resources are finite whereas wants are infinite
- 12. illustrates the max potential output of an economy when all resources are fully employed
- 13. occurs when the work is split up into small tasks
Down
- 1. refers to a decrease in the productive capacity of the economy indicating a decrease in real output
- 3. statements that are subjective statements based on value judgements and cannot be proved or disproved
- 6. these are resources and include land, labour, capital and enterprise
- 7. this is concerned with the impact of additions to or subtractions from the current situation
- 9. refers to an increase in the productive capacity of the economy indicating an increase in real output
- 11. means that when the effect of a change in one variable is considered, it is assumed that all other variables are held constant