Year 8 Economics Revision

2. a rival business who makes products in the same market
4. something that can cause positive externalities
5. humans who do work
8. a factory often in Asia that employs people and makes them work in harsh conditions
10. something created by nature that is used to make a good or service that is for sale
13. a person who works for another person or business
15. a person or business who makes and sells things
16. name given to a situation where people own part of a company
17. a payment that government takes out of peoples wages
19. a 'law' which states if price rises, demand falls and vice versa
20. something associated with sweatshops
21. the money earned after all expenses are paid for
24. name of a shop that only exists for a few weeks to sell a good such as calendars
25. the name of the payment made by people who live in a home purchased by a landlord
26. the age at which people can retire
27. a situation where demand is greater than supply
28. the person who rents out a property to someone else

1. the yearly summary of what the government will spend and earn
3. a situation where two people or groups rely on each other
6. a situation where demand equals supply, and price does not need to change
7. a 'law' which states if prices rises, supply increases and vice versa
9. an affect positive or negative on someone who is not the buyer or seller of a product
11. an item created by humans which is used to make a final good or service
12. a person who buys things
14. obtaining goods and services from outside suppliers
16. the problem of people having unlimited wants and needs but not enough resources to make all the wants and needs
18. a type of negative externality that can cause injuries or death
22. the exchange of goods and services among buyers and sellers
23. a situation where supply is greater than demand
26. an item that government pay for in their budget that benefits young people