Economics Vocab

3. - what are willing to give up to get what you want
4. -
5. - an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
7. - focusing on a specific skill, activity, or production process
9. - trade between countries that is unrestricted, without taxes, tariffs, or quotas on imports or exports
11. an action performed by a person or a machine to benefit someone
13. - goods and services that are produced in one country and sold to buyers in another.
15. - The division of labor is the separation of the tasks in any economic system or organization so that participants may specialize

1. - an amount that is more than what is required or necessary
2. - where two or more parties (individuals, businesses, companies, countries, etc.) depend upon each other for the exchange of goods and the fulfillment of their necessities
6. - to bring something into a country from another country, especially for sale or trade
8. - a government-imposed restraint on the flow of international goods or services
10. - physical, produced objects for which a demand exists,
12. - when a country expands its territory by taking over another country, usually a smaller or weaker one
14. - a tax on imported goods