Across
- 3. Competition- many sellers offer similar, but not standardized products.
- 5. no tariffs on exported or imported goods agreed mutually between two or more countries
- 6. individuals or businesses produce a narrow range of products.
- 8. idea that a nation will specialize in what it can produce the best at a lower opportunity cost than any other nation.
- 9. goods sold to a foreign country
- 11. goods made in a foreign country
Down
- 1. a few firms dominate the entire market
- 2. the ability of one trading nation to make a product more efficiently than another trading nation
- 4. any law passed to limit free trade between two countries
- 7. one firm dominates the entire market
- 10. Competition- the most competitive market structure