Economics

2. a situation in which the quantity supply is less than the quantity demanded
3. a situation in which the amount of resources is sufficient or unavailable to satisfy people's desires
7. let things alone
9. supplies that enable the people to get what they want
10. the value of the next best alternative not chosen
11. deals with the behavior of individuals in the market
13. Greek word that means "management of the household"
14. taxes that governments apply only to imported goods
16. the production of goods by people working at the jobs they do best
17. French economists who favored natural economy as opposed to the idea of mercantilism
18. economics that uses scientific approach to explain how the economy works
19. economic system that which aimed to accumulate wealth.

1. economics that deals with value judgments or what should be in the economy
4. giving up other opportunities that we value
5. Adam Smith's book is entitled The ____________________
6. deals with the economy as a whole
8. study of how individuals make choices that involve the use of scarce resources
12. the father of economics.
15. Production Possibilities Frontier