Economic definitions Crossword

studies the decisions, outcomes and activities that occur as a result of a scarcity of resources
raw materials used in the production of goods and services
a person who studies and works in economic fields
an economic and political system in which a countries trade and industry are controlled by private owners for profit
Karl Marks wrote the______________
_____________ is an extreme form of socialism
___________ is an economic system where the means of production, such as money and other forms of capital are owned by the state
food, clothing, shelter, essential items need to survive
everything else, not necessary for survival or to meet the basic standard of living in a community
is the consumers need or desire to own a product or experience a service
are the workers, equipment, raw materials and organiser used to produce scarce goods
are factors used in producing goods or providing services
when we choose one item over another we are forgoing one item
a sacrifice that must be made when choosing how to use resources
are goods that can be substituted for another
are two goods that rely on each other or go together
are materials that satisfy human wants and provide utility
is a transaction in which no physical goods are transferred from the seller to the buyer
as the price of a good or service increases business will be willing to increase the quantity supplied
the point on the graph where the demand and supply curves intersect