Year 9 Economics Terminology

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Across
  1. 3. a key concept in economics and business: specialisation is a method of production where a business or area focuses on the production of a limited scope of products or services in order to gain greater degrees of efficiency within the entire system of businesses or areas
  2. 6. a key concept in economics and business: the way scarce resources are distributed among producers, and how scarce goods and services are divided among consumers
  3. 7. An economic system where businesses are privately owned and people make choices about what to buy and sell.
  4. 9. Tools, machines, and buildings used to produce goods and services.
  5. 10. people who buy things to use
  6. 12. a key concept in economics and business: the problem of people having unlimited wants and needs, but limited (or scarce) resources to support those needs and wants
  7. 13. A scam where someone steals your card information to take your money.
  8. 14. activity that involves making goods or providing services in exchange for money
  9. 16. A tax added to goods brought in from other countries.
  10. 17. A collection of investments someone owns, like shares or property.
  11. 20. Things from nature used to make goods, like water, trees, and minerals.
Down
  1. 1. The original amount of money borrowed or invested, before interest is added.
  2. 2. Taking money from someone (like a bank) that you promise to pay back later, usually with interest.
  3. 3. schemes that are deliberately dishonest
  4. 4. management resources: the skills or talents required to bring the other resources together successfully
  5. 5. the study of how people and society use resources to satisfy their needs and wants
  6. 8. the process that involves all the countries of the world being linked together, resulting in an exchange of views, ideas, products and culture
  7. 11. Physical items that people buy, like clothes, food, or phones.
  8. 15. The system of how money, goods, and services are made, shared, and used in a country.
  9. 18. a key concept in economics and business: trade is activity of buying, selling or exchanging goods and/or services between people and/or countries
  10. 19. The workers and their skills used to produce goods and services.