econs

4. of Trade: The difference between the value of a country's exports and the value of its imports.
6. A tax imposed on imported goods to protect domestic industries.
7. A measure of the responsiveness of the quantity demanded or supplied to a change in price or income.
9. and Demand: 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.
11. A market structure characterized by a few large firms dominating the industry.
12. Advantage: The ability of a country, individual, or firm to produce a good or service at a lower opportunity cost than others.
15. Cost: The value of the next best alternative that is forgone when making a choice.
16. A limit on the quantity or value of goods that can be imported or exported.
18. The unintended consequences of economic activities that affect third parties, either positively or negatively.
21. The sustained increase in the general price level of goods and services in an economy over time.
22. The policy of protecting domestic industries from foreign competition through trade barriers.
23. The value of one currency in terms of another currency.
24. Domestic Product (GDP): The total value of all final goods and services produced within a country in a given period.

1. Policy: The use of interest rates, money supply, and other tools to control the economy by a central bank.
2. Rate: The percentage of the labor force that is unemployed and actively seeking employment.
3. Failure: A situation where the allocation of goods and services by a free market is inefficient, leading to a suboptimal outcome.
5. Policy: The use of government spending and taxation to influence the economy.
8. The fundamental economic problem of having unlimited wants and needs but limited resources.
10. Possibilities Frontier (PPF): A graph that shows the maximum combinations of goods and services that can be produced given limited resources and technology.
13. A market structure where there is only one seller of a particular product or service.
14. The unintended consequences of economic activities that affect third parties, either positively or negatively.
17. A place or mechanism where buyers and sellers come together to exchange goods and services.
19. Barrier: Any government policy or regulation that restricts international trade.
20. The increasing interconnectedness and interdependence of countries through trade, investment