The Nature Of Economics

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Across
  1. 3. The factor of production that includes all natural resources used in production
  2. 5. The factor of production that includes all productive human effort, both physical and mental, paid or unpaid
  3. 7. The type of good that is a good demanded and bought by household and individuals
  4. 9. The name for the production of a limited range of goods by a company/individual/country
  5. 12. When a resource can be replaced on a level equal to consumption
  6. 14. The problem when people have infinite wants but their are only limited resources
  7. 16. This is when economists assume that all other variables stay the same when one variable changes (2 Words)
  8. 18. The type of economy in which individuals are free to make their own choices and own the factors of production without government interference (2 Words)
  9. 19. ________ of labour. This is when labour becomes specialised in a particular part of the production process
Down
  1. 1. This is the type of economy that includes the best of both of the other types of economy
  2. 2. The type of good that is produced in order to aid the production of consumer goods in the future.
  3. 4. When a resource can't be readily replaced by on a level equal to consumption (2 Words)
  4. 6. The factor of production that is the willingness and ability to take the risks of combining the other three factors of production in order to make a product or service
  5. 8. The kind of statement that is subjective and opinion-based
  6. 10. Functions of _____ These include a medium of exchange, a measure of value, a store of value and a method of deferred payment
  7. 11. The cost of one thing in terms of the next best option that has been given up (2 Words)
  8. 13. The kind of statement that is objective and can be proven or disproven
  9. 15. The factor of production that refers to all man-made resources that are used to produce goods or services in the future
  10. 16. The type of economy where all factors of production, except labour are owned by the state and labour is directed by the state
  11. 17. The diagram that can be used to show the maximum potential of an economy, opportunity cost, economic growth or decline, efficient or inefficient allocation of resources and possible or unobtainable production and change in production