Year 9 Economics Glossary

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Across
  1. 3. An organization that sells goods
  2. 4. market Place where goods and services are bought and sold (Coles, Seek.com, Fremantle markets) Same as Market
  3. 6. equipment used to make goods and services
  4. 8. Basic necessities for life
  5. 10. Goods and services bought from overseas
  6. 14. Payment per hour for labour
  7. 16. of production Raw materials used to make goods and services (land, labour, capital & enterprise)
  8. 18. Payment per year for labour
  9. 19. All resources provided by nature
  10. 21. An economy where people produce only enough goods and services for their own family
  11. 24. Goods and services which we desire but don’t need
  12. 25. Payment earned by entrepreneurs
  13. 26. chain Complex group of firms in many countries each producing a component of a final product.
  14. 27. Ability to combine all resources to make something (plan, recipe, system etc)
  15. 29. Compulsory government levy
  16. 31. Used to pay for goods and services
  17. 32. Financial assistance given to people by the Government
  18. 34. National Company A company which operates in several countries with its headquarters in the parent country. (Apple)
  19. 37. Institution which handles money for households and firms
  20. 38. A system where factors of production are owned by the government
  21. 39. market Place where factors of production are bought and sold.
  22. 40. Money paid at a particular rate for the money lent
  23. 41. Basic units used to make goods and services
Down
  1. 1. Cost The cost of the next-best alternative opportunity
  2. 2. Organisations that make goods and services
  3. 5. That part of earnings not spent
  4. 7. Purchase of new capital
  5. 9. Action of only doing one part of the process
  6. 10. Where actions by one party have impacts on another, particularly economically.
  7. 11. Income flows which are added to the Circular Flow of Income model (investment, govt. spending, exports)
  8. 12. Actions done for consumers by producers
  9. 13. Physical items used by consumer and services for a profit
  10. 15. Situation where demand is greater than supply
  11. 17. A system where all factors of production, distribution and consumption of goods and services are controlled by the governmentEconomics The study of how people use scarce resources to satisfy needs and wants
  12. 20. All human effort, both physical and intellectual
  13. 22. A system which allows private ownership of the factors of production
  14. 23. Organization with authority to make decisions for the population
  15. 28. Payment for use of land
  16. 30. Income flows that are removed from the Circular Flow model. (savings, tax, imports)
  17. 31. National Company A company that operates in many countries with independent headquarters in each.(McDonalds)
  18. 33. Goods and services sold overseas
  19. 35. Reward for the use of resources
  20. 36. Place where goods and services are bought and sold.