Intro to Economics

123456789101112131415161718192021222324
Across
  1. 2. when a foreign suppliers sells a good blow the price it charges in its home country
  2. 4. thinking,requires purposeful evaluation of the available opportunities to make the best decision possible
  3. 6. voluntary exchange of goods and services
  4. 11. industry argument, states that domestic industries need trade protection
  5. 13. surplus, when exports exceed imports
  6. 15. how people allocate their limited resources
  7. 17. rate, price of foreign country currency per unit of another foreign countries currency
  8. 19. advantage, when a person, business or country produces at a lower opportunity cost than other competitors
  9. 20. exchange market,currencies of different countries traded
  10. 21. factors that motivate a person to act or exert effort
  11. 23. taxes levied on imported goods/services
  12. 24. trading a good they already have for something they want
Down
  1. 1. limited resources, unlimited wants
  2. 3. study of individual units that make up economy
  3. 5. brings buyers and sellers to exchange goods and services
  4. 6. balance, difference between total exports and imports
  5. 7. demand, demand for a good or service that derives from the demand for another
  6. 8. when someone focuses on his or her skills to become an expert in a particular area
  7. 9. advantage, producing more than another producer with the same amount of resources
  8. 10. thinking, requires decision makers to evaluate whether the benefit of one more unit of something is greater than its cost
  9. 12. study of overall aspects and workings of an economy
  10. 14. deficit, imports exceed exports
  11. 16. costs, highest-valued alternative that must be sacrificed to get something else
  12. 18. deprecation,
  13. 22. appreciation, when currency becomes more valuable relative to other countries