Macro Final Exam, Puzzel 1 Chapters 1-6

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Across
  1. 1. is the fundamental principle of economic study.
  2. 4. measures cost by what we give up/forfeit in exchange.
  3. 6. products (goods and services) made domestically and sold abroad.
  4. 7. costs that we make in the past that we cannot recover.
  5. 8. is the study of how humans make decisions in the face of scarcity.
  6. 9. The “price” of borrowing in the financial market.
  7. 11. Goods and services produced but not sold.
  8. 16. An economic statistic after it has been adjusted for inflation.
  9. 18. Latin phrase meaning “other things being equal”
  10. 21. The amount of some good or service a producer is willing to supply at each price.
  11. 23. Adam Smith's concept that individuals' self-interested behavior can lead to positive social outcomes.
  12. 24. the branch of economics that focuses on broad issues such as growth and unemployment.
Down
  1. 2. Going from a peak to a trough.
  2. 3. The purchase of final goods and services by households, excluding new housing.
  3. 5. Interaction between potential buyers and sellers.
  4. 10. Total exports minus imports.
  5. 12. A significant decline in national output.
  6. 13. Ownership shares in a firm.
  7. 14. Domestic Product, The value of all final goods and services produced within a country in a given year.
  8. 15. an economy where economic decisions are decentralized.
  9. 17. satisfaction or value one obtains from consuming goods and services.
  10. 19. The combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change.
  11. 20. Arises when a small number of large firms have all or most of the sales in an industry.
  12. 22. The amount of some good or service consumers are willing and able to purchase at each price.
  13. 25. Purchase goods supplied by firms.