the nature of the economy

4. The trend in which buying and selling in markets have increasingly crossed national borders.
5. send (goods or services) to another country for sale.
6. bring (goods or services) into a country from abroad for sale.
7. a person who purchases goods and services for personal use.
12. if more people want to buy something, given a limited supply, the price of that thing will be bid higher.
13. when the supply of goods matches demand.
14. the tension between infinite wants and infinite resources
15. a set of external rather than intrinsic, motivators that explain people's choices
16. the state of a country or region in terms of the production and consumption of goods and services and the supply of money.
17. When human wants for goods and services exceed the available supply.

1. Measures cost by what is given up in exchange; it measures the value of the forgone alternative.
2. an area or arena in which commercial dealings are conducted.
3. the control of the quantity of money available in an economy and the channels by which new money is supplied.
4. the process by which businesses or other organizations develop international influence or start operating on an international scale.
8. The branch of economics that focuses on broad issues such as growth, unemployment, inflation, and trade balance.
9. the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
10. a cycle or series of cycles of economic expansion and contraction.
11. The branch of economics that focuses on actions of particular agents within the economy, like households, workers, and business firms.