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  1. 3. The rate at which one currency can be exchanged for another or the number of units of foreign currency that correspond to the domestic currency
  2. 4. Teaching economics
  3. 6. Taxes on imported goods tax charged on imports and exports
  4. 7. The value of the next best alternative
  5. 11. Includes spending by frims or the government on capital goods
  6. 12. A good the demand for which varies negatively with income
  7. 16. Decreases in the average costs of production that occur as a firm increases it's output by varying all it's inputs
  8. 19. A similar thing to price elasticity of demand
  9. 20. The absence of government intervention of any kind in international trade, this trade does not have any restriction
  1. 1. Other things being equal
  2. 2. Land, Labor, Capital, Entrepreneurship
  3. 5. A continuing increase in the general price level
  4. 8. Money charged by the government
  5. 9. One of the four market structures, a single or dominant firm in the industry
  6. 10. A factor of production which includes all natural resources
  7. 13. Product
  8. 14. Goods that are nessary or essential
  9. 15. A development assistance organisation made up of 185 members ( Joint Owners )
  10. 16. Shortage
  11. 17. Amount of something, especially money that is given to a particular person or used for a particular purpose
  12. 18. Surplus