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Module 1 Chapters 1,2,21

Diana Antonov

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2.A limit on the quantity of a good that may be imported in a given time period.
8.A tax on an import.
10.An analysis based on value judgment. (2 Words)
13.The creative ability of individuals to seek profits by taking risks and combining resources to produce innovative products.
14.Human-made goods that are used to produce other goods and services.
16.A law that bars trade with another country.
18.A latin phrase that means while certain variables change, "all other things remain unchanged." (2 Words)
19.The ability of a country to produce a good using fewer resources than another country. (2 Words)
21.A curve that shows the maximum combinations of two outputs an economy can produce in a given period of time with its available resources and technology. (3 Words)
23.The ability of an economy to produce greater levels of output, represented by an outward shift of its productions possibilities curve. (2 Words)
24.The body of knowledge applied to how goods are produced.
26.The value of a nation's goods imports subtracted from its goods exports. (3 Words)
1.Th principle that the opportunity cost increases as production of one output expands. (5 Words)
3.The study of how society chooses to allocate its scarce resources to the production of goods and services in order to satisfy unlimited wants.
4.The best alternative sacrificed for a chosen alternative. (2 Words)
5.The government's use of embargoes, tariffs, quotas, and other restrictions to protect domestic producers from foreign competition.
6.An examination of the effects of additions to or subtractions from a current situation. (2 Words)
7.The branch of economics that studies decision making by a single individual, household ,firm, industry, or level of government.
9.The accumulation of capital, such as factories, machines, and inventories, that is used to produce goods and services.
11.The ability of a country to produce a god at a lower opportunity cost than another country. (2 Words)
12.A bookkeeping record of all the international transactions between a country and other countries during a given a period of time. (3 Words)
15.The branch of economics that studies decision making for the economy as a whole.
17.An analysis limited to statements that are verifiable. (2 Words)
20.The flow of goods between countries without restrictions or special taxes. (2 Words)
22.A simplified description of reality used to understand and predict the relationship between variables.
25.The mental and physical capacity of workers to produce goods and services.

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