Across
- 4. An economic decision making based on considering the additional benefits and costs of a change in behaviour. (8,8)
- 5. A simplified representation of reality used to provide insight into economic decisions and events.
- 6. A process whereby the production procedure is broken down into a sequence of stages and workers are assigned to a particular stage. (8,2,6)
- 8. Goods produced for present use. (8,5)
- 11. A statement based on your option or beliefs, rather than on facts. (5,9)
- 13. Natural items that can be replenished. (9,9)
- 14. A measure of the economic activity carried out in an economy over a period. (5,8,7)
- 16. The value of the next-best alternative forgone.
- 17. A set of arrangements that allows transactions to take place.
- 18. A scenario that arises when people have unlimited wants but limited resources.
- 20. A statement about what is fact. (8,9)
Down
- 1. Goods used as part of the production process. (7,5)
- 2. Resources used in the production process. (7,2,9)
- 3. An economy in which market forces are allowed to guide the allocation of resources. (4,6,7)
- 7. The study of the interrelationship between economic variables at an aggregate level.
- 9. A Latin phrase meaning 'other things being equal.'(7,7)
- 10. The study of economic decisions taken by individual economic agents.
- 12. An economy in which resources are allocated partly through price signals and partly on the basis of intervention by the state.
- 15. A statement that involves a value judgement about what ought to be. (9,9)
- 19. An economy in which decisions on resource allocation are guided by the state. (7,7)