Yr 9 Economics Glossary

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