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Economics Exam Study Guide for Chapters 1-7, part 2

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Across
1
Study of specific components within the economy on a smaller scale
4
Adam Smith
10
Factor of production
11
Total amount of a good produced
12
Illegal system to avoid governmental regulations
13
What consumers send to produces about preferences
14
Makes possible a better standard of living
17
Total value of a business minus any liabilities
18
Tax on imported goods
20
0ne of three things mass production is based on
22
Forces consumer to buy certain products before he is able to buy what he wants
23
Production of goods in which a country has absolute comparative advantage
24
Satisfaction resulting from one-unit increase of a product
Down
2
Diamond-Water Paradox
3
Factor of production
5
0ne of three things mass production is based on
6
Entrepreneurship
7
0ne of three things mass production is based on
8
Exchange of goods in the absence 0f governmental restrictions
9
Quantity demanded=quantity supplied
15
Total amount invested in the production of a good
16
Anti-trust act of 1914
19
Governmental agency that investigates trade practices
21
Revenue paid over cost of production