COMPARATIVE ECONOMICS

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Across
  1. 1. the total market value of all final goods and services produced in a country in a given period of time
  2. 2. term for the condition where there are not enough resources to produce all the goods and services that people want
  3. 4. the market structure characterized by a large number of firms producing differentiated products
  4. 5. term for the cost of giving up the next best alternative when making a decision
  5. 9. study of how individuals, households, and firms make decisions and interact in markets
  6. 10. term for the way in which a market system allocates resources and distributes goods and services
  7. 12. term for the money left over after all expenses have been paid
  8. 14. French demographer, sociologist, and economist known for coining the term "Third World" to describe developing countries and for his work on regional development
  9. 15. typE of economic system relies on private ownership of property and the means of production
  10. 18. a period of declining economic activity spread across the economy, lasting more than a few months
  11. 19. measure of the average level of prices of goods and services in the economy
Down
  1. 1. total value of goods and services produced within a country's borders in a specific time period
  2. 2. economic term for the division of labor into specialized tasks
  3. 3. geopolitical tension and rivalry between the United States and its allies, and the Soviet Union and its allies, from the end of World War II to the early 1990s
  4. 6. total output of goods and services produced in an economy in a given period of time
  5. 7. graphical representation illustrates income distribution within a population, showing the cumulative share of income received by the cumulative percentage of recipients
  6. 8. type of market structure is characterized by a single seller with no close substitutes
  7. 9. study of the overall aspects and workings of an economy, such as inflation, unemployment, and economic growth
  8. 11. refers to the coalition of countries, primarily led by the United States and its NATO allies, during the Cold War era
  9. 13. meaning "all other things being equal," is often used in economics to isolate the effect of a single variable
  10. 16. an advantage that refers to the condition where a country can produce a good at a lower opportunity cost than another country
  11. 17. it is the measure of how responsive quantity demanded is to a change in price