econs

7. The value of the next best alternative that is forgone when making a choice.
8. The use of government spending and taxation to influence the economy.
11. The total amount of goods and services that all producers in an economy are willing and able to supply at different price levels.
13. A market structure where there is only one seller of a particular product or service.
14. A place or mechanism where buyers and sellers come together to exchange goods and services.
16. A situation where the allocation of goods and services by a free market is inefficient, leading to a suboptimal outcome.
17. The unintended consequences of economic activities that affect third parties, either positively or negatively.
21. Domestic Product The total value of all final goods and services produced within a country in a given period.
22. The difference between the value of a country's exports and the value of its imports.
23. Any government policy or regulation that restricts international trade.

1. The ability of a country, individual, or firm to produce a good or service at a lower opportunity cost than others.
2. The sustained increase in the general price level of goods and services in an economy over time.
3. A market structure characterized by a few large firms dominating the industry.
4. The percentage of the labor force that is unemployed and actively seeking employment.
5. The unintended consequences of economic activities that affect third parties, either positively or negatively.
6. A tax imposed on imported goods to protect domestic industries.
9. The relationship between the quantity of a good or service that producers are willing to sell and the quantity that consumers are willing to buy at a given price.
10. The increasing interconnectedness and interdependence of countries through trade, investment
12. The policy of protecting domestic industries from foreign competition through trade barriers.
15. A limit on the quantity or value of goods that can be imported or exported.
16. The use of interest rates, money supply, and other tools to control the economy by a central bank.
18. The fundamental economic problem of having unlimited wants and needs but limited resources.
19. The value of one currency in terms of another currency.
20. A measure of the responsiveness of the quantity demanded or supplied to a change in price or income.