B.G.E

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Across
  1. 3. A medium that can be exchanged for goods and services and is used as a measure of their values on the market
  2. 4. cost The true cost of something, which includes what has to be given up in order to obtain it.
  3. 6. of production The resources a firm has available to produce goods and services; in economic theory these resources are defined as land, labor, and capital.
  4. 10. When firms in a country concentrate on producing a product they have advantages producing, allowing these firms, and the country in which they are located, to become the most efficient producers of the product. Government regulations often contribute to specialization.
  5. 11. advantage When a firm can produce a particular good more efficiently than any other firm.
  6. 15. When a product for import is priced below its cost of production.
  7. 17. Work done by people: a factor of production.
  8. 18. Agreement on Tariffs and Trade(GATT) An agreement in effect from 1948 to 1994 that aimed to help world economic recovery after World War II by reducing the very high barriers to international trade.
Down
  1. 1. trade International trade conducted without government restrictions or interventions, such as import restrictions or export subsidies; also called liberalized trade.
  2. 2. restriction A government policy, such as a tariff or a quota, that restricts or competitively disadvantages imports.
  3. 5. Government policy and laws restricting international trade.
  4. 7. Includes acres of ground and natural resources like oil or minerals; a factor of production.
  5. 8. Any form of wealth used to produce more wealth; a factor of production. Capital includes manufacturing equipment and other types of equipment that are not expended in the production process.
  6. 9. advantage When a firm can produce a good at a lower opportunity cost than another firm.
  7. 12. Trading one product or service for another without using money.
  8. 13. subsidy Governmental financial support to an industry to help it stay competitive.
  9. 14. Trade Organization(WTO) Organization that succeeded GATT and was founded to further reduce international trade barriers.
  10. 16. surplus An economic measure of a positive balance of trade, when a country's exports exceeds its imports.