Academic Decathlon Economics

12345678910111213141516171819202122232425262728293031323334353637
Across
  1. 2. Central bank policies; alter money supply
  2. 8. ______ unemployment; unemployment that occurs alongside the business cycle
  3. 9. A state of being; limited amount of work, energy, knowledge, and capital that motivates economic choices
  4. 11. Costs that don't depend on production quantity
  5. 15. Economic actors make choices that serve their greatest benefit
  6. 16. A measure of a good's responsiveness to price changes
  7. 18. The next most desirable option given up when making a decision
  8. 19. Related goods, such that when the price of one good falls, demand for the other falls
  9. 22. The surplus value that producers receive when the price of a good exceeds the cost of manufacturing
  10. 23. The trade-off faced by a producer who can make two goods; describes comparative advantage
  11. 27. Disrupt the marker with new innovations and creative ideas
  12. 29. As price increases, demand decreases
  13. 32. GDP calculated without inflationary effects
  14. 33. Costs that escalate as production changes in the short run
  15. 36. The actions of one person impacts the well-being of someone else
  16. 37. As price increases, supply increases
Down
  1. 1. Interest rate the Federal Reserve charges for lonas to its member banks
  2. 3. author of "Wealth of Nations"
  3. 4. Central bank; sets monetary policy; FOMC controls money supply
  4. 5. Total number of persons aged 16+, either working or actively seeking employment
  5. 6. All other options given up when making a decision
  6. 7. Focuses on individual markets and individual behaviors
  7. 10. The quantity demanded rises when income rises
  8. 12. The quantity demanded falls when income rises
  9. 13. ______ unemployment; results from the time lag between workers leaving a job and finding another
  10. 14. The surplus value that consumers receive when a good's price falls below the amount they would be willing to pay for it
  11. 17. ______ unemployment; results from mismatch of skills offered by labor and skills desired by firms
  12. 20. A single supplier controls the market
  13. 21. abbr. resources used to produce goods and services: land, labor, and capital
  14. 24. GDP calculated with current year prices
  15. 25. A table that reflects changing consumption patterns due to price changes
  16. 26. Marginal Revenue = Marginal Cost
  17. 28. Focuses on the overall performance of the national economy
  18. 30. The competitive market fails to produce a socially desirable outcome
  19. 31. Government taxation and spending policy choices meant to influence the economy
  20. 34. Assets such as tools, equipment, and human creativity that encourage productivity
  21. 35. goods often bought together