Unit 7 - Economics Review

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Across
  1. 1. international agency that administers trade agreements, settles trade disputes between governments, organizes trade negotiations, and provides technical assistance and training for developing countries
  2. 3. economic system in which government owns some factors of production and has a role in determining what and how goods are produced
  3. 4. people who favor fewer or no trade restrictions
  4. 5. market in which goods and services are sold illegally
  5. 7. economic system in which private citizens own and use the factors of production in order to generate profits
  6. 8. an agreement between two or more countries where the countries agree on certain obligations that affect trade in goods and services, and protections for investors and intellectual property rights, among other topics
  7. 9. resources that cannot be replenished after they're used
  8. 13. forced common ownership of factors of production
  9. 15. people who want to protect domestic producers against foreign competition with tariffs, quotas, and other trade barriers
  10. 17. government order prohibiting the movement of goods to a country
  11. 20. conversion of state-owned factories and other property to private ownership
Down
  1. 2. country's ability to produce absolutely more of a product than another country
  2. 6. country's ability to produce a given product relatively more efficiently than another country
  3. 10. the goods and services that a nation produces then sells to other nations
  4. 11. federal permit allowing a public utility to release pollutants into the air; a form of pollution control
  5. 12. limit on the amount of a good that is allowed into a country
  6. 13. economic and political system in which factors of production are collectively owned and directed by the state; a theoretically classless society in which everyone works for the common good
  7. 14. a tax placed on an imported product
  8. 16. a farm owned and operated by the government
  9. 18. the goods and services that a nation buys from other nations
  10. 19. North American Free Trade Agreement, ultimately replaces by the USMCA (United States Mexico Canada Agreement) in 2020