Intro to Business

4. an economy's inherent ability to produce a product or service at a lower opportunity cost than its trading partners.
6. is the money businesses get to keep after paying off expenses.
8. when countries “agree” to reduce barriers to trade
10. how much producers are willing to sell at different prices.
12. Study of how people use limited resources to satisfy wants
13. goods and services a country sells to other countries
14. a limit on the amount of a good that can be imported

1. The value of the next best alternative you give up when making a choice
2. a ban on trade of a specific item or with a specific country
3. the process of countries becoming connected through trade, communication and culture
5. a tax on imported goods
7. how much consumers are willing to buy at different prices.
9. the buying and selling of goods and services
10. Limited resources vs. unlimited wants
11. goods and services a country buys from other countries