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1
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__________ economic judgments cannot be tested or proved right or wrong
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3
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Fresh water, clean air, forests and sunshine are example of __________ resources
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4
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The _______ of a decision is the value of the next best option not chosen
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7
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Human-made resource that enhances the productivity of human labour
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10
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'Australia's unemployment rate was 5.8% in December 2016' is an example of a ________________ economic statement.
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12
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______________ is the process of production, income and expenditure that takes place in every economy (2 words)
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15
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Joanne receiving $30 for umpiring a junior softball game is an example of earning __________
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16
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When Joe, the maintenance manager, mows the grass this is an example of a p_____________n transaction in the economy
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17
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that infinite human needs and wants will always outweigh the finite resources we have available to satisfy them
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21
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When a country is operating on its PPC/PPF, it is achieving this type of efficiency
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2
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Where the resources of a country are allocated in such a way that the maximum possible benefit is achieved (2 words)
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5
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Essential goods or services needed for survival
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6
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A levy imposed the government, designed to raise revenue
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8
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Goods and ...
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9
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Luxuries are not needs, but ....
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11
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Human resources are classified as ....
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13
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A medium of exchange used to buy goods and services
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14
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The process of exchanging goods and services between economic agents
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18
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Goods and services made in one country but sold in another country
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19
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Land, labour and capital are all ...
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20
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Goods and services made overseas, but bought by Australians
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