Across
- 3. Comparative advantage is an economic principle stating that a party should specialize in producing goods with a lower opportunity cost than competitors.
- 6. the mutual reliance of nations, regions, or companies on one another for goods, services, and resources, driven by global supply chains and specialization.
- 7. the separation of a production process into specialized,discrete tasks assigned to different workers or groups to maximize efficiency, productivity, and skill development
- 8. the core economic process where buyers and sellers freely trade goods and services
Down
- 1. the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
- 2. the direct, moneyless exchange of goods or services between parties
- 4. the process of concentrating on and becoming expert in a particular subject or skill.
- 5. is a widely accepted medium of exchange for goods, services, and debt repayment, functioning as a store of value and unit of account.