Across
- 2. next best choice
- 4. right to own something
- 6. tax placed on imported and exported products
- 7. assignment of tasks to the workers, factories, regions, or nations that can perform them more efficiently
- 10. government payment to encourage or protect a certain economic activity
- 11. limit on the amount of a good that is allowed into a country
- 13. free trade
- 15. fundamental economic problem facing all societies that results from a combination of scarce resources and peoples virtually unlimited wants
Down
- 1. Country's ability to produce a given product relatively more efficiently then another country; production at a lower opportunity cost
- 3. cost for doing business
- 5. both sides benefit from the trade
- 8. alternative that must be given up when one choice is made rather than another
- 9. things that get in the way of trading
- 12. 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
- 14. a ban on trade with a certain country