Economics

1. economics that deals with value judgments or what should be in the economy
6. giving up other opportunities that we value
8. the production of goods by people working at the jobs they do best
9. study of how individuals make choices that involve the use of scarce resources
10. deals with the behavior of individuals in the market
12. French economists who favored natural economy as opposed to the idea of mercantilism
13. a situation in which the amount of resources is sufficient or unavailable to satisfy people's desires
14. Greek word that means "management of the household"
15. supplies that enable the people to get what they want
17. the value of the next best alternative not chosen
18. taxes that governments apply only to imported goods

2. deals with the economy as a whole
3. let things alone
4. Adam Smith's book is entitled The ____________________
5. Production Possibilities Frontier
7. economic system that which aimed to accumulate wealth.
11. the father of economics.
12. economics that uses scientific approach to explain how the economy works
16. a situation in which the quantity supply is less than the quantity demanded