Economics

4. Greek word that means "management of the household"
7. deals with the behavior of individuals in the market
8. supplies that enable the people to get what they want
9. a situation in which the quantity supply is less than the quantity demanded
11. the value of the next best alternative not chosen
15. the father of economics.
16. French economists who favored natural economy as opposed to the idea of mercantilism
17. economic system that which aimed to accumulate wealth.
19. the production of goods by people working at the jobs they do best

1. study of how individuals make choices that involve the use of scarce resources
2. let things alone
3. economics that deals with value judgments or what should be in the economy
5. deals with the economy as a whole
6. Adam Smith's book is entitled The ____________________
10. a situation in which the amount of resources is sufficient or unavailable to satisfy people's desires
12. Production Possibilities Frontier
13. taxes that governments apply only to imported goods
14. economics that uses scientific approach to explain how the economy works
18. giving up other opportunities that we value