Economics

2. Greek word that means "management of the household"
7. deals with the economy as a whole
8. supplies that enable the people to get what they want
10. a situation in which the quantity supply is less than the quantity demanded
11. Adam Smith's book is entitled The ____________________
13. economic system that which aimed to accumulate wealth.
14. the father of economics.
16. let things alone
18. economics that uses scientific approach to explain how the economy works

1. taxes that governments apply only to imported goods
3. the value of the next best alternative not chosen
4. a situation in which the amount of resources is sufficient or unavailable to satisfy people's desires
5. deals with the behavior of individuals in the market
6. French economists who favored natural economy as opposed to the idea of mercantilism
9. study of how individuals make choices that involve the use of scarce resources
10. the production of goods by people working at the jobs they do best
12. economics that deals with value judgments or what should be in the economy
15. giving up other opportunities that we value
17. Production Possibilities Frontier