Econ Final Exam Review

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Across
  1. 2. the form of money that is most commonly (and almost entirely) used in the U.S. today:
  2. 4. The cyclical operation of demand, output, income, and new demand.
  3. 6. The rise and fall of economic activity relative to the economy’s long-term growth trend.
  4. 10. When individuals declare a major or choose a specific profession to pursue, this is an example of:
  5. 11. The current market value of the total final goods and services produced within the U.S.
  6. 12. The total quantities of a good or service that sellers stand ready to sell at different prices at a given time
Down
  1. 1. The 3 basic/important economics activities include consumption, production, and ________.
  2. 2. A system composed of various bodies, organizations, and committees for regulating the U.S. money supply.
  3. 3. A tax that cannot be shifted, such as an income tax.
  4. 5. The 4 productive resources include: land, ______, capital, and enterprise.
  5. 7. ______ are flows out of the circular flow that occur when resource income is received and not spent directly on purchases from domestic firms.
  6. 8. The lowest level of business activity in a particular cycle.
  7. 9. A social science that studies how people and institutions within a society make choices and how these choices determine the use of society’s scarce resources.