Industrial Economics

2. Difference in value between exports and imports of a nation
4. Any human-made resource that is used to produce other goods and services
7. an economic system shaped largely by custom or religion production possibilities frontier- shows the possible combinations of two types of goods that can be produced when available resources are employed efficiently
11. The person through whose writings we got the term “industrial economics”
13. Situation in which allocation of goods and service is not efficient
14. the system of manufacturing large numbers of identical item
16. The part of economics concerned with single factors and the effects of individual decisions

1. Occurs when individual workers focus on single tasks, enabling each worker to become more efficient and productive
3. the worker, firm, region, or country with the lowest opportunity cost of producing an output should specialize in that output
5. A usually small-scale industry carried on at home by family members using their own equipment
6. Investment that is fixed and are independent of income
8. The main component in aggregate demand are Investment and _________
9. An excess of production
10. An alternative we sacrifice when we make a decision
12. service that is provided without profit to all members of a society, either by the government or a private individual or organization
15. Coalition of nations that makes rules governing international trade