Economics 101 pt.2

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Across
  1. 1. The total value of all goods and services produced in a given year
  2. 3. ______ unemployment; Caused by economic downturns
  3. 8. Generally accepted means of payment
  4. 11. _____ markets; Illegal markets that arise when price controls are in place
  5. 12. Money _____; When people interpret nominal changes in wages or prices as real changes
  6. 16. _______ sheet; Accounting statement that summarizes a firm’s key financial information
  7. 19. Product _______; Process firms use to make a product more attractive to potential customers
  8. 20. When many depositors attempt to withdraw their funds from a bank at the same time
  9. 21. Private spending on the tools, plant, and equipment used to produce future output
  10. 22. Convey information about the profitability of a market
  11. 24. ______ fixed; Costs that are unavoidable; don't vary with output in the short run
  12. 25. Commodity- _______ money; Money you can exchange for a commodity at a fixed rate
  13. 26. GDP is an ______
  14. 28. ____ GDP: Found by adjusted GDP for changes in prices
  15. 30. ________ unemployment; Caused by changes in the industrial makeup of the economy
  16. 31. Financial obligations a firm owes to others
  17. 35. ______ banks; Where most people have their checking and savings accounts
  18. 36. _______ banks; Most commonly help firms raise money to invest
  19. 37. "allow to do"
  20. 41. Market ____; The way firms in a particular market are interconnected
  21. 43. _______ destruction; Introduction of new products and technologies leads to the end of other industries and jobs
  22. 46. The increase in cost that results from producing one more unit of input
  23. 50. Goods and services produced abroad and purchased/used domestically
  24. 51. The additional revenue gained by selling one more unit of output
  25. 56. Restrictions that make it difficult for new firms to enter the market
  26. 57. _____ costs; The opportunity costs of using already owned resources for one purpose rather than another
  27. 58. Total revenue<total cost
  28. 61. _____ costs; Costs that change with the rate of output
  29. 64. Total revenue>total cost
  30. 67. _____ goods; Goods consumed over a long period of time
  31. 68. Exists when the number of firms is small and there are high barriers to entry
  32. 69. Economic _____; Where economic activity is increasing
  33. 71. _____inputs; Cannot be changed in the short run
  34. 74. Goods and services domestically produced and purchased/used abroad
  35. 75. ________ of wants; Each party happens to have what the other party desires
  36. 76. The trade of a good or service in the absence of a commonly accepted medium of exchange
  37. 78. _____ hazard; When a party that is protected from risk behaves differently from the way it would behave if it were fully exposed to the risk
  38. 80. People who are seeking work and are part of the work-eligible population
  39. 81. ________ profit; Total revenue-explicit costs
  40. 83. _______ costs; Resources that are wasted when people change their behavior to avoid holding money
  41. 84. Factors of ______; Inputs used in the production process; land, labor, and capital
  42. 85. Economic _____; Where economic activity is decreasing
Down
  1. 2. Purchase of final goods and services by households(excluding new housing)
  2. 4. Price _____; Legally established maximum price for a good or service
  3. 5. When overall prices fall
  4. 6. ______ spending; Borrowing money in order to spend it
  5. 7. _____ costs; Tangible, out of pocket expenses
  6. 9. ____ inputs; Can be changed quickly to increase or decrease output levels
  7. 10. Price ____; Legally established minimum price for a good or service
  8. 13. Lowest hourly wage rates that firms may pay their workers
  9. 14. Financial _________; Go-betweens for savers and investors by taking in deposits and extending loans
  10. 15. All the people above the age of 16 looking for a job
  11. 17. Items a firm owns
  12. 18. Unemployment ________; guarantees that unemployed workers receive a percentage of their former income while unemployed
  13. 23. A cohesive way of thinking
  14. 27. Single seller who supplies the entire market
  15. 29. Price ____; Index of the average prices of goods and services throughout the economy
  16. 32. _______ GDP; GDP per person
  17. 33. _______ deposits; deposits in bank accounts from which depositors may make withdrawals by writing checks
  18. 34. Change in output associated with one additional unit of an input
  19. 38. The growth in the overall level of prices in an economy
  20. 39. _____ goods; Goods consumed over a short period of time
  21. 40. ______ bank; bank for the banks
  22. 42. Occurs when resources are used to secure monopoly rights through the political process
  23. 44. A short term economic downturn
  24. 45. _______ money; Involves the use of an actual good for money
  25. 47. ______ costs; costs of changing prices
  26. 48. ______ unemployment; Caused by time lags in matching available jobs and workers
  27. 49. _____ money; Money with no value except as the medium of exchange
  28. 52. ______ total cost; The total cost of producing a particular amount of output, divided by the quantity produced
  29. 53. _____ GDP; GDP measured in current prices and not adjusted for inflation
  30. 54. ____ goods; Goods sold to final users or consumers
  31. 55. A firm's ability to influence the price of a good or service
  32. 59. ________ profit; Total revenue-(explicit costs+implicit costs
  33. 60. How easily something can be spent
  34. 62. The portion of bank deposits that are set aside and not loaned out
  35. 63. Measure of price level based on the consumption patterns of a typical consumer
  36. 65. Outputs that provide benefits without producing tangible product
  37. 66. _______spending; Includes spending by all levels of government on final goods and services
  38. 70. _____ monopoly; Occurs when a single large firm has lower costs than any potential competitor
  39. 72. ______ goods; Hidden, uncounted transactions
  40. 73. Total exports-total imports
  41. 77. Paper bills and coins used to buy goods and services
  42. 79. The good or service that the firm produces
  43. 82. Tangible outputs