What is economics?

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Across
  1. 2. ______ are goods and services essential for life (e.g. basic food, shelter and clothing).
  2. 6. focuses on the broader perspective, addressing national spending, production (measured by GDP), national incomes, and key economic indicators like unemployment and inflation rates within a country.
  3. 8. examines factors influencing individual units, such as consumers and firms, within the Australian economy. It focuses on the decisions made by individual consumers or single firms in specific markets or industries.
  4. 10. ______ economics is based on hard evidence about what is actually the case. In other words, it often involves basic statements of fact such as, ‘If A occurs, then B is the result’. No values are involved.
  5. 11. Economic _________ are those groups in an economy that make key decisions. They include consumers, producers and governments.
  6. 12. ______ is a concept used to describe how well-off people are generally. These are affected by both material wellbeing and non-material aspects.
  7. 14. ______ is the basic economic problem where the resources available for production are limited, relative to society’s unlimited wants. Not all our wants can be satisfied. This forces society to make economic choices or decisions involving the three basic economic questions of what, how and for whom to produce.
  8. 15. Economic __________ occurs when resources are used by an economy to produce goods and services.
Down
  1. 1. is the most common measure of the level of economic activity and represents the total value of finished goods and services produced by a country normally over three months or a year.
  2. 3. ____ studies how individuals, families, businesses, and governments make choices with limited resources to satisfy their needs and wants. It examines issues in the production, consumption, and distribution of goods and services.
  3. 4. _______ economics involves statements about what should be done, based on personal opinion, values, likes and dislikes.
  4. 5. ____ or economic system helps to organise the production and distribution of goods, services and incomes.
  5. 7. the increase in the general price level of goods and services in an economy over time, resulting in a decrease in the purchasing power of a currency.
  6. 9. are goods and services we would like to have that make life more enjoyable. However, they are not essential for survival.
  7. 13. ______ seek to encourage particular types of consumer or producer behaviour using rewards. These can be either financial (e.g. subsidies or tax rebates) or non-monetary (e.g. special awards).