Economics

2. Greek word that means "management of the household"
3. study of how individuals make choices that involve the use of scarce resources
7. the value of the next best alternative not choosen
8. the father of economics.
10. economics that uses scientific approach to explain how the economy works
13. taxes that governmebts apply only to imported goods
14. deals with the behavior of individuals in the market
15. French economists who favored natural economy as opposed to the idea of mercantilism
16. giving up other oppurtunities that we value
17. a situation in which the quantity supply is less than the quantity demanded
18. economics that deals with value judgements or what should be in the economy

1. deals with the economy as a whole
4. Adam Smith's book is entitled The ____________________
5. supplies that enable the people to get what they want
6. the production of goods by people working at the jobs they do best
9. a situation in which the amount of resources is sufficient or unavailable to satisfy people's desires
11. let things alone
12. economic system that which aimed to accumulate wealth.
15. Production Possibilities Frontier