Economic Concepts
Across
- 2. trade alliance among 28 European nations; encourages free trade among members and promotes work as a single market
- 5. goods and services sold to other countries
- 8. period of the business cycle in which there is decreasing economic activity
- 10. tariff which supplies revenue for a country
- 12. occurs when a country possesses unique resources or capabilities allowing for the lowest cost of production for a product
- 16. fluctuations in economic activity over time; constitutes production rising then falling in a long cycle of expansion and contraction
- 17. tariff which increases price on imports to protect domestic products
- 18. 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
- 19. tax on imports
- 21. period of the business cycle with the lowest economic activity
- 22. occurs when a country is able to produce a product more efficiently and at a lower cost than another country
- 23. measure of the number of people without jobs
- 25. 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
Down
- 1. state in which countries depend on each other for certain goods or services which they cannot produce efficiently for themselves; international trade
- 3. global coalition among many countries; headquartered in Geneva, Switzerland
- 4. goods and services purchased from other countries
- 6. measure of change in the value of a currency; rate of rising prices in a country
- 7. period of business cycle in which economic activity is at its highest
- 9. measure of the change in the prices of wholesale goods; used to measure inflation; formerly known as the wholesale price index
- 11. period of two or more consecutive fiscal quarters of increasing GDP
- 13. measure of the change in the prices of consumer goods; used to measure inflation; also known as cost-of-living index
- 14. period of the business cycle in which there is increasing economic activity
- 15. period of two or more consecutive fiscal quarters of decreasing GDP
- 20. limits the quantity or monetary value of an import; controls the level of an import
- 24. complete ban on certain products coming in or leaving the country; usually put in place for political reasons