Economics Extra Credit Crossword

Land, Labor, Capital
Your most desirable sacrifice
Shows possible combinations of two variables that can be produced; frontier
The invisible force that helps people make business decisions
The idea that government should not be involved in economy
The ability to use the factors of production more efficiently than production more efficiently than another nation.
The market which land, labor, and capital are traded
What to Produce? How to produce it? To whom will we sell it?
The nation with the less of an opportunity cost than the other countries in producing a product
Quantity of goods and services that businesses are businesses are willing and ablewilling and able to to produce at various prices.
the amount of a product one is willing & able to buy at various prices
minimum price set above Ep
Perfectly Elastic, Elastic, Unitary, Inelastic, Perfectly Inelastic
Ed > 1
Ed < 1
Ed = 1
Ed = Undefined
Ed = 0
Total value of all goods and services produced by a nation for any given year; includes US companies overseas; excludes foreign companies located in the USA
Total value of goods and services produced within a nation for any given year; excludes US companies overseas; includes foreign companies located on US soil
FC+VC=
P x Q=
Q x AVC=
Which Curve has a u-shape
This slope has a u-shaped curve tilted to the left
TR-TC=
Your average costs of production are decreasing or at their minimum. decreasing or at their minimum.