Across
- 2. , This measures a tradeoff & the ability of a country to produce a good or service for a lower opportunity cost than other countries.
- 5. , He's Scottish & known as the Father of Economics. He argued against mercantilism and was a major proponent of laissez-faire economic policies.
- 8. ,Practice of regulated trade to augment state power at the expense 7 subjugation of other countries
- 12. , An unregulated system of economic exchange with little government intervention that allows the economy to sort itself out through competition.
- 13. , Benefits that are lost when choosing one option over another
Down
- 1. , The branch of economics that analyzes market behavior of individuals and firms in order to understand their decision-making processes.
- 2. , An economic system in which private actors own & control property in accord with their interests, profits are prioritized, and demand & supply freely set prices in markets in a way that can serve the best interests of society.
- 3. , System in which property and the means of production are owned in common, typically controlled by the state or government & based on the idea that common or public ownership of resources and means of production lead to a more equal society.
- 4. , Widely considered the most successful investor of the 20th century, he lives in a modest house & drives an old car, and he advises that job skills are recession proof.
- 6. , This is a controversial topic that involves pros & cons associated with the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
- 7. , The study of whole economies--the part of economics concerned with large-scale or general economic factors and how they interact in economies.
- 9. , He was awarded the Nobel Prize for Economics in 1976 & advocated for free-market capitalism and monetarism.
- 10. , An economy in which production, investment, prices, and incomes are determined centrally by a government.
- 11. , The demand for a good or service is greater than the availability of the good or service