Across
- 3. The value of a nation's goods imports from its goods exports
- 5. (Of currency) A rise in the price of one currency relative to another
- 6. Branch of economics that studies decision making by a single individual, family, industry, or level of government
- 15. A simplified description of reality used to understand and predict the relationship between variables
- 18. Zero association btw two variables; when one changes, the other remains unchanged
- 21. Best alternative sacrificed for a chosen alternative
- 22. Condition in which human wants are forever greater than available supply of time, goods, and resources
- 23. Accumulation of capital, such as factories, machines and inventories, that is used to produce goods and services
- 24. Study of how society chooses to allocate its scare resources to the production of goods and services in order to satisfy unlimited wants
- 26. The number of units of one nation's currency that equals one unit of another nation's currency
- 27. Human-made goods that are used to produce other goods and services
- 28. (Of currency)A fall in the price of one currency relative to another
- 29. Flow of goods btw countries without restrictions or special taxes
Down
- 1. A tax on an import
- 2. A limit on the quantity of a good that may be imported in a given time period
- 4. Ability of an economy to produce greater levels of output, rep by an outward shift in production possibilities curve
- 6. An examination of the effects of additions or subtractions from a current situation
- 7. A law that bars trade with another country
- 8. Analysis limited to statements that are verifiable
- 9. Curve that shows the maximum combinations of two outputs an economy can produce in a period of time with resources and technology
- 10. Analysis based on value judgement
- 11. A bookkeeping record of all the international transactions btw a country and other countries during a given period of time
- 12. Ability of a country to produce a good at a lower opportunity cost than another country
- 13. Branch of economics that studies decision making as a whole
- 14. Positive association btw two variables; when one increases, the other increases; when one decreases, the other decreases
- 16. Latin phrase that means while certain variables change, "all other things remain the same"
- 17. Government's use of embargoes, tariffs, taxes, and quotas and other restrictions to protect domestic producers from foreign competition
- 19. Ability of a country to produce a good using fewer than another country
- 20. Negative association btw two variables; when one increases, the other decreases and vice versa
- 25. Basic Categories of inputs used to produce goods and services; factors of production; three categories: land, labor, capital