Module One Economics

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Across
  1. 2. Human wants are always greater than the available supply of goods, resources, and time
  2. 4. The body of knowledge that can be applied to creation of goods.
  3. 5. What type of relationship does a positive association between two variables fall under.
  4. 7. Any natural resource from nature that is used in the production of goods.
  5. 8. A special tax on imports into the country.
  6. 10. The subset of economics that deals with how decisions and events affect the market as a whole.
  7. 12. This type of trade involves the flow of goods between countries without restrictions or tariffs.
  8. 13. A curve that shows the maximum combination of two outputs the economy can produce in a given time with all its available resources and technology.
  9. 14. An initialism representing the international organisation of member countries that oversee international trade, and rules of trade disputes.
  10. 16. The study of how society chooses to assign its limited resources to the creation of goods and services to satisfy the infinite wants.
  11. 17. Created goods that are used in the production of other goods IE machinery and equipment.
  12. 18. This type of economics deals with analysis from value judgement.
  13. 19. The ration of change between the X and Y axis of a graph.
  14. 20. This type of advantage refers to the ability of a country to produce goods at a lower opportunity cost than another country.
  15. 24. The mental and physical capacity of workers to create goods and/or services.
Down
  1. 1. The governing bodies use of embargoes, tariffs, quotas, and other restrictions to protect domestic products and producers from foreign competition.
  2. 3. A limit on the quantity of a given good that can be imported into the country in a given period of time.
  3. 6. The creative ability of select individuals to gain profits from taking risks and combining resources to produce innovative goods or services.
  4. 9. The basic categories of inputs in the production of goods.
  5. 10. The branch of economics that studies decisions by an individual, household, business, industry or level of the government.
  6. 11. The accumulation of capital that will be used in the production of more goods and services.
  7. 13. This type of economics deals with verifiable questions.
  8. 15. A simplified reality used to understand and predict the relationship among different variables
  9. 21. This type of advantage refers to the ability of a given country to produce a given good using less or equal resources than another country.
  10. 22. The type of relationship where there is a negative association between two variables.
  11. 23. A law barring trade with another country.