11 Economics - Economic Growth

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Across
  1. 3. The path of actual economic growth tends to __________ around the long-run real GDP growth path
  2. 6. Shocks that have a positive / negative impact on AD (2 words)
  3. 9. The positive output gap can only be achieved in the __________ (time-related - 2 words)
  4. 11. Positive impact of demand / supply-side shock will cause __________ to occur
  5. 15. A curve that shows the maximum potential level of output of 1 good, given a level of output for all other goods in the economy is __________ frontier (2 words)
  6. 18. __________ & __________ impact on AS / AD is called a side shock (2 words)
  7. 19. The positive output gap means that the economy is operating __________ full capacity
  8. 20. Economic growth as measured by the changes in the productive potential of the economy over time (2 words)
Down
  1. 1. The maximum output of an economy at a point in time if all its resources are fully & efficiently utilized (2 words)
  2. 2. A negative output gap occurs when the __________ GDP is below the trend level of real GDP (2 words)
  3. 4. The time unit (satuan waktu) indicated by the semi-circular line on the trend growth rate
  4. 5. Exists when LRAS is greater than AD & so there is a negative output gap (slack - 2 words)
  5. 7. A sharp fall in oil & other commodity prices would __________ the SRAS curve. If an economy is a net importer of oil & other commodities.
  6. 8. The economic condition if aggregate demand becomes lower
  7. 10. The condition indicated by the semi-circular line on the trend growth rate (2 words)
  8. 12. Condition / period when either economic growth / GDP itself is falling
  9. 13. The output gap that occurs when the economy experiences a boom
  10. 14. Decreased in individuals because of the stock market crash
  11. 16. The condition that occurs in a machine resulting in a positive output gap (2 words)
  12. 17. An increase in trade union activity is an example of a __________-side shock