module one Chapter 1,2, and 21

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Across
  1. 4. Trade Organization International organization that oversees international trade agreements and rules on trade disputes
  2. 5. The study of how society chooses to allocate its scares resources to the production of goods and services in order to satisfy unlimited wants
  3. 6. A law that limits the quantity of goods that may be imported in a given time
  4. 7. The accumulation of capital such as factories, machines, and equipment, that is used to produce good and services
  5. 8. The creative ability of individuals to seek profit by taking risk and combining resources to produce innovated products
  6. 9. cost the best alternative sacrificed for a chosen alternative
  7. 10. advantage The ability to produce goods at a lower opportunity cost than other countries
  8. 12. The condition in which human wants are forever greater then the available supply of time, goods and resources
  9. 13. The branch of economics that studies decision making by a single individual, household, firm, industry, or level of government
  10. 15. Account Records payments flows for financial capital, such as real estate, stocks, bonds etc..
  11. 17. trade agreement Nations negotiate a reduction in trade barriers
  12. 20. trade The flow of goods between countries without restrictions or special taxes
  13. 21. A law that bars trade with another country
Down
  1. 1. appreciation the price of currency rises in relation to another currency
  2. 2. possibility curve A curve that shows the max combinations of two outputs that are economy can produce given its available resources and technology
  3. 3. The branch of economics that studies decision making for the economy as a whole
  4. 11. point Because all the point along the curve are maximum out put levels with give resources and technology
  5. 14. growth The ability of an economy to produce greater levels of output, represented by an outward shift of its production possibilities curves
  6. 16. paribus A Latin phrase that means while curtain variables change all others remain the same
  7. 18. rate The number of one countries currency that is equal to one unit of another nations currency
  8. 19. A simplified description of reality used to understand and predict the relationship of variables