YEAR 11 ECONOMICS

3. Goods that can replace each other in consumption.
5. The process of increasing interconnectedness of economies worldwide.
7. The type of goods used by individuals for personal use are known as ______ goods
11. The loss of the next best alternative foregone.
12. This type of economy is where decisions are guided by price signals created by supply and demand.
13. Desires for goods and services that are not necessary for survival.
15. These arise when increased production leads to lower costs per unit.
16. The quantity of a good that producers are willing and able to sell.
17. A decrease in the quantity demanded due to an increase in price, is known as a _______________ of demand.

1. This model shows how income flows through the economy. _____________ ______________ of income.
2. The factor of production involving risk-taking and organisation.
4. The spending on goods and services by households.
6. Money received, especially on a regular basis, for work or through investments.
8. Latin phrase meaning 'all other things being equal'.
9. When individuals or businesses focus on a particular task or product.
10. The process of creating goods and services.
14. A measure of how much quantity demanded responds to a change in price, is known as price _____________________ of demand