Economic Crossword Puzzle

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Across
  1. 4. short of supply,shortage
  2. 7. an individual retirement account allowing a person to set aside after-tax income up to a specified amount each year
  3. 11. the effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input
  4. 12. all means of production are owned in common, rather than by individuals
  5. 13. the system by which the value of a currency was defined in terms of gold, for which the currency could be exchanged
  6. 14. gross domestic product
  7. 16. the price charged is more than or less than the equilibrium price determined by market forces of demand and supply
  8. 19. the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
  9. 21. a situation in which income exceeds expenditures
  10. 22. an economic system in which private business operates in competition and largely free of state control
  11. 24. central bank of the United States
  12. 26. international trade left to its natural course without tariffs, quotas, or other restrictions.
  13. 28. the lowest wage permitted by law
  14. 29. is an examination of the additional benefits of an activity compared to the additional costs of that activity
  15. 30. the exclusive possession or control of the supply or trade in a commodity or service
  16. 34. an increase of value in currency
  17. 36. assets minus liabilities
  18. 37. stash of money set aside to cover the financial surprises life throws your way
  19. 38. world trade organization
  20. 40. the action of inflating something or the condition of being inflated
  21. 41. was an Austrian and British economist and philosopher best known for his defense of classical liberalism
  22. 42. low turning point or a local minimum of a business cycle
  23. 43. a range of economic and social systems characterised by social ownership and democratic control of the means of production
  24. 46. Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment
  25. 47. state of being useful,profitable,beneficial
  26. 48. state or situation in which something needed cannot be obtained in sufficient amounts
Down
  1. 1. a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters
  2. 2. the price charged is more than or less than the equilibrium price determined by market forces of demand and supply
  3. 3. practice of shielding a country's domestic industries from foreign competition by taxing imports.
  4. 5. a policy or attitude of letting things take their own course, without interfering
  5. 6. a market form in which a market or industry is dominated by a small number of sellers
  6. 8. the ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals.
  7. 9. American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy.
  8. 10. amount of something left over when requirements have been met; an excess of production or supply over demand
  9. 15. easures changes in the price level of a market basket of consumer goods and services purchased by households
  10. 17. all who are able and willing to work are employed
  11. 18. north american free trade agreement
  12. 20. reach the highest point
  13. 23. an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP
  14. 25. Series of statistical figures, such as the consumer price index or the gross domestic product, used by economists to predict future economic activity
  15. 27. macroeconomic policy laid down by the central bank
  16. 31. the amount by which the cost of a country's imports exceeds the value of its exports
  17. 32. use of government spending and taxation to influence the economy
  18. 33. English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments
  19. 34. an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision
  20. 35. the fact of having a right to something
  21. 39. a benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction
  22. 44. the use of monetary or fiscal policy changes to kick start a lagging or struggling economy
  23. 45. a formal authorization or proposition; a decree