Economics 2

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Across
  1. 4. monetary system in which a country's government allows its currency unit to be freely converted into fixed amounts of gold and vice versa.
  2. 6. is the macroeconomic policy laid down by the central bank. It involves management of money supply and interest rate and is the demand side economic policy used by the government to achieve inflation, consumption, and growth.
  3. 8. an increase in the level of economicactivity, and of the goods and services available. It is a period ofeconomic growth as measured by a rise in real GDP.
  4. 14. indicators a statistic used to gauge future trends in a nation's economy.
  5. 15. Smith Wrote the Wealth of Nations
  6. 16. is an individual retirement plan that bears many similarities to the traditionalIRA, but the contributions are not tax deductible and qualified distributions are tax free.
  7. 17. is a policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries.
  8. 20. states that if countries specialise in producing goods where they have a lower opportunity cost – then there will be an increase in economic welfare.
  9. 22. is a government program guaranteeing access to some benefit by members of a specific group and based on established rights or by legislation.
  10. 24. income exceeds expenditures
  11. 26. is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
  12. 28. an economic measure of a negative balance of trade in which a country's imports exceeds its exports.
  13. 29. World Trade Organization.
  14. 30. is the total assets minus total outside liabilities of an individual or a company.
  15. 31. a ratio between the output volume and the volume of inputs. In other words, it measures how efficiently production inputs, such as labour and capital, are being used in an economy to produce a given level of output.
Down
  1. 1. a sustained increase in the general price level of goods and services in an economy over a period of time.
  2. 2. North Atlantic Free Trade Agreement
  3. 3. Money which is set aside for an emergency situation, such as unexpected unemployment or injury, or a natural disaster which destroys one's home and belongings.
  4. 5. American economist who believed in free- market capitalism.
  5. 7. refers to the ability of a party (an individual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.
  6. 9. Maynard Keynes English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments
  7. 10. policy of restraining trade between states (countries) through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow (according to proponents) fair competition between imports and goods and services .
  8. 11. Austrian economist who supported bottom up economics
  9. 12. the central banking system of the United States.
  10. 13. an increase of value of a currency
  11. 18. the highest point between the end of an economic expansion and the start of a contraction in a business cycle.
  12. 19. the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.
  13. 21. a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales
  14. 23. is a measure of average income per person in a country.
  15. 25. currency that a government has declared to be legal tender, but is not backed by a physical commodity
  16. 27. A comprehensive measure used for estimation of price changes in a basket of goods and services representative of consumption expenditure in an economy
  17. 32. ow turning point or a local minimum of a business cycle.