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Economics 101bc

Across
A ________ benefit is the benefit of a decision, according to economists.
Adam Smith, in Wealth of Nations, advocated for ___________ trade.
A theory of trade that says a country is better off if the value of their exports is greater than the value of imports.
The next best alternative use of a resource
Household spending on new domestic goods and services.
Marginal __________ is what it costs to either produce or consume one extra unit of something.
The theory of ______________ Advantage is about producing a good at a lower opportunity cost than someone else.
Opportunity cost involves some sort of _____________ or trade-off.
The amount of utility or happiness you get from doing something.
Utils can be converted into ____________.
Down
In order to get what you need and have a higher standard of living, you need to ___________ with others.
An implied cost that is given up to use a factor of production already owned
In order to maintain export _________, countries make laws and pose taxes to distort the flow of goods.
Economic ______________ are 'nothing else changes', 'people behave rationally', and 'people can be selfish'.
_____________ Advantage is when you simply produce more of a good or service or if it is produced faster.
The choices you face
If a country _____________ in what it produces best and trades the product, it will be better off.
The marginal _____________ should outweigh the marginal cost in business decisions.
Both absolute and comparative advantage theories need to take opportunity _______ into account.