Economic methodology and the economic problem

1. Objective, can be tested with factual evidence, and can consequently be accepted or rejected (8, 10)
4. When you have to choose between conflicting objectives because you can't achieve all your objectives at the same time. Involves compromising, and aiming to achieve each of your objectives a bit (5, 3)
5. Intangible things (8)
6. . (3, 7)
8. Equipment used in producing goods and services (3, 7)

1. Decide what to make, and how much they're willing to sell it for (9)
2. An assumption used by economics that all other things are being held equal or constant (7, 7)
3. Make decisions that are best for themselves, will be based upon economic incentives (8, 5, 2)
7. Scarce - Includes all the Earth's natural resources: non - renewable, renewable, materials, water, animals etc (3, 4)
10. Change in a variable caused by an increase of one unit of another variable, a lot of economic theory is based upon the assumption that ppl make decisions based upon marginal changes (6)

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