Econ Unit One Vocab

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Across
  1. 2. The amount charged on top of the principal by a lender to a borrower for the use of assets.
  2. 5. When the deviation-from-trend series reached a local maximum or a local minimum.
  3. 10. Targeted fiscal and monetary policy intended to elicit an economic response from the private sector.
  4. 14. The potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.
  5. 16. The rate of increase in prices over a given period of time.
  6. 20. Financial motivations for people to take certain actions.
  7. 21. A situation in a market in which firms or sellers independently strive for the patronage of buyers in order to achieve a particular business objective.
  8. 22. Shows how money moves through an economy in a constant loop from producers to consumers and back again.
  9. 23. A basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed.
  10. 25. Of or relating to the mechanisms by which it is supplied to and circulates in the economy.
  11. 27. A situation where there is a single seller in the market.
  12. 29. The consumer's desire and willingness to buy a product or service at a given period or over time.
  13. 32. People who are jobless, actively seeking work, and available to take a job.
  14. 34. The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
Down
  1. 1. Budgeting inevitably involves sacrificing some of X to get more of Y.
  2. 3. The phase of the business cycle where real GDP grows for two or more consecutive quarters.
  3. 4. A market system of resource allocation, commerce, and trade in which free markets coexist with government intervention.
  4. 6. A market structure with a small number of firms, none of which can keep the others from having significant influence.
  5. 7. The total amount of a given product or service a supplier offers to consumers at a given period and a given price level.
  6. 8. Policy of minimum governmental interference in the economic affairs of individuals and society.
  7. 9. An economic system where two forces, known as supply and demand, direct the production of goods and services.
  8. 11. A condition where the quantity demanded is greater than the quantity supplied at the market price.
  9. 12. An economic system in which activity is controlled by a central authority and the means of production are publicly owned.
  10. 13. A series of stages in the economy as it expands and contracts.
  11. 15. The stage of the economy's business cycle that marks the end of a period of declining business activity.
  12. 17. Describes the inputs used in the production of goods or services to make an economic profit.
  13. 18. A basic economics problem-the gap between limited resources and theoretically limitless wants.
  14. 19. A branch of economics that analyzes the market behavior of individuals and firms in order to understand their decision-making processes.
  15. 24. Describes the amount of an asset or resource that exceeds the portion that's actively utilized.
  16. 26. People who buy or use goods and services to satisfy their wants.
  17. 28. A significant and prolonged downturn in economic activity.
  18. 30. The excess over the returns to capital, land, and labor.
  19. 31. The highest point between the end of an economic expansion and the start of a contraction in the business cycle.
  20. 33. The use of government spending and taxation to influence the economy.