Economics

1. a ban on trade with a certain country
5. next best choice
6. 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
7. cost for doing business
13. free trade
14. tax placed on imported and exported products
15. things that get in the way of trading

2. both sides benefit from the trade
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
8. assignment of tasks to the workers, factories, regions, or nations that can perform them more efficiently
9. alternative that must be given up when one choice is made rather than another
10. fundamental economic problem facing all societies that results from a combination of scarce resources and peoples virtually unlimited wants
11. government payment to encourage or protect a certain economic activity
12. right to own something