|
|
|
3
|
costs of the new best alternative use of money, time or resources when one choice is made rather than another
|
|
4
|
a legal right to or in a particular property
|
|
5
|
any regulation or policy that restricts international trade
|
|
6
|
making an economic exchange
|
|
7
|
act of buyers and sellers freely and willingly engaging in market transactions
|
|
9
|
measure of the amount of output produced with a given amount of productive factors
|
|
11
|
fundamental economic problem facing all societies that results from a combination of scarce resources and people’s virtually unlimited wants
|
|
12
|
both sides benefit from trade
|
|
14
|
assignment of tasks to the workers, factories, regions, or nations that can perform them more efficiently
|
|
|
|
|
|
|
1
|
government payment to encourage or protect a certain economic activity
|
|
2
|
the ability of an individual or group to carry out an economic activity, such as production, at a lower cost and more efficiently than another entity
|
|
8
|
an order of a government prohibiting the movement of merchant ships into or out of its ports
|
|
10
|
limit on the amount of a good that is allowed into a country
|
|
13
|
tax placed on an imported product
|
|
15
|
alternative that must be given up when one choice is made rather than another
|
|
|
|
