What is Economics

5. Special skill that organises the other three factors of production.
6. Limited resources in relation to the uses people have for them.
7. Two goods for which an increase in the price of one leads to a decrease in the demand for the other.
8. An upward movement along the demand curve.
12. Extra or additional satisfaction from consuming one more unit of something.
14. The ability of the environment and the economy to continue to produce and satisfy needs and wants into the future.
15. A good that consumers demand less of when their incomes increase.
17. Two goods for which an increase in the price of one leads to an increase in the demand for the other.
19. Machines, tools, and/or equipment used in the production process
20. The satisfaction consumers get from consuming something.
21. The impact that a price change has on a consumer’s real income and, consequently, on the quantity demanded of the good.
22. All other things constant or unchanging.

1. Studies the economy as a whole, focusing on the 'aggregates' of the economy and on countries' fundamental economic goals.
2. The sum of all individual demands.
3. A downward movement along the demand curve.
4. Studies the behaviour of individual economic agents, such as households, firms, industries and the government, and how they make economic decisions.
9. Value of the next best alternative sacrificed when making a choice.
10. A good with no opportunity cost.
11. Goods that consumers demand more of when their incomes increase.
13. A business involved in production, which is a key economic decision-maker.
16. Physical and mental effort of people.
18. The quantities of a product that purchasers are willing and able to buy at various prices per period of time, ‘all other things being equal’ (ceteris paribus).