Economics

2. measure of the amount of output produced with a given amount of productive factors; normally refers to labor, but can apply to all factors of production
5. next best choice
6. right to own something
7. both sides benefit from the trade
8. cost for doing business
11. a ban on trade with a certain country
12. free trade
14. alternative that must be given up when one choice is made rather than another
15. government payment to encourage or protect a certain economic activity

1. assignment of tasks to the workers, factories, regions, or nations that can perform them more efficiently
3. Country's ability to produce a given product relatively more efficiently then another country; production at a lower opportunity cost
4. limit on the amount of a good that is allowed into a country
9. fundamental economic problem facing all societies that results from a combination of scarce resources and peoples virtually unlimited wants
10. tax placed on imported and exported products
13. things that get in the way of trading