Across
- 2. Human wants are always greater than the available supply of goods, resources, and time
- 4. The body of knowledge that can be applied to creation of goods.
- 5. What type of relationship does a positive association between two variables fall under.
- 7. Any natural resource from nature that is used in the production of goods.
- 8. A special tax on imports into the country.
- 10. The subset of economics that deals with how decisions and events affect the market as a whole.
- 12. This type of trade involves the flow of goods between countries without restrictions or tariffs.
- 13. A curve that shows the maximum combination of two outputs the economy can produce in a given time with all its available resources and technology.
- 14. An initialism representing the international organisation of member countries that oversee international trade, and rules of trade disputes.
- 16. The study of how society chooses to assign its limited resources to the creation of goods and services to satisfy the infinite wants.
- 17. Created goods that are used in the production of other goods IE machinery and equipment.
- 18. This type of economics deals with analysis from value judgement.
- 19. The ration of change between the X and Y axis of a graph.
- 20. This type of advantage refers to the ability of a country to produce goods at a lower opportunity cost than another country.
- 24. The mental and physical capacity of workers to create goods and/or services.
Down
- 1. The governing bodies use of embargoes, tariffs, quotas, and other restrictions to protect domestic products and producers from foreign competition.
- 3. A limit on the quantity of a given good that can be imported into the country in a given period of time.
- 6. The creative ability of select individuals to gain profits from taking risks and combining resources to produce innovative goods or services.
- 9. The basic categories of inputs in the production of goods.
- 10. The branch of economics that studies decisions by an individual, household, business, industry or level of the government.
- 11. The accumulation of capital that will be used in the production of more goods and services.
- 13. This type of economics deals with verifiable questions.
- 15. A simplified reality used to understand and predict the relationship among different variables
- 21. This type of advantage refers to the ability of a given country to produce a given good using less or equal resources than another country.
- 22. The type of relationship where there is a negative association between two variables.
- 23. A law barring trade with another country.