Economic Concepts 3

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Across
  1. 2. period of the business cycle with the lowest economic activity
  2. 4. measure of the number of people without jobs
  3. 5. period of two or more consecutive fiscal quarters of decreasing GDP
  4. 6. global coalition among many countries; headquartered in Geneva, Switzerland
  5. 7. goods and services sold to other countries
  6. 11. goods and services purchased from other countries
  7. 14. period of business cycle in which economic activity is at its highest
  8. 18. trade agreement among Canada, the United States and Mexico; mission to diminish all trade barriers and investment restrictions between Canada, the United States and Mexico
  9. 22. measure of the change in the prices of consumer goods; used to measure inflation; also known as cost-of-living index
  10. 23. occurs when a country possesses unique resources or capabilities allowing for the lowest cost of production for a product
Down
  1. 1. period of two or more consecutive fiscal quarters of increasing GDP
  2. 3. measure of change in the value of a currency; rate of rising prices in a country
  3. 8. tariff which supplies revenue for a country
  4. 9. occurs when a country is able to produce a product more efficiently and at a lower cost than another country
  5. 10. French word for ‘leave alone’; economic concept opposing governmental involvement in commerce beyond what is necessary to keep an economic system running on its laws; associated with a free enterprise system
  6. 12. fluctuations in economic activity over time; constitutes production rising then falling in a long cycle of expansion and contraction
  7. 13. limits the quantity or monetary value of an import; controls the level of an import
  8. 15. tax on imports
  9. 16. tariff which increases price on imports to protect domestic products
  10. 17. complete ban on certain products coming in or leaving the country; usually put in place for political reasons
  11. 19. period of the business cycle in which there is decreasing economic activity
  12. 20. measure of the change in the prices of wholesale goods; used to measure inflation; formerly known as the wholesale price index
  13. 21. state in which countries depend on each other for certain goods or services which they cannot produce efficiently for themselves; international trade
  14. 24. period of the business cycle in which there is increasing economic activity