Economics

1. taxes that governments apply only to imported goods
5. study of how individuals make choices that involve the use of scarce resources
8. supplies that enable the people to get what they want
10. French economists who favored natural economy as opposed to the idea of mercantilism
11. Adam Smith's book is entitled The ____________________
12. deals with the behavior of individuals in the market
15. let things alone
18. economics that uses scientific approach to explain how the economy works
19. economics that deals with value judgments or what should be in the economy

2. a situation in which the quantity supply is less than the quantity demanded
3. the production of goods by people working at the jobs they do best
4. Greek word that means "management of the household"
6. economic system that which aimed to accumulate wealth.
7. deals with the economy as a whole
9. the value of the next best alternative not chosen
13. a situation in which the amount of resources is sufficient or unavailable to satisfy people's desires
14. giving up other opportunities that we value
16. the father of economics.
17. Production Possibilities Frontier