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

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