Economics Crossword
Across
- 6. A medium of exchange whose value derives entirely from its official status as a means of payment.
- 7. A medium of exchange with no intrinsic value whose ultimate value is guaranteed by a promise that it can be converted into valuable goods.
- 8. This shows the relationship between the aggregate price level and the quantity of aggregate output supplied that would exist if all prices, including nominal wages, were fully flexible.
- 11. When aggregate output is below potential output.
- 12. A good used as a medium of exchange that has intrinsic value in other uses
- 14. refers to the way in which the individual pursuit of self interest can lead to good results for society as a whole.
- 18. Any asset that can easily be used to purchase goods and services
- 21. Nominal wages that are slow to fall even in the face of high unemployment and slow to rise even in the face of labor shortages.
- 22. The total value of financial assets in the economy that are considered money.
- 23. The social science that studies the production, distribution, and consumption of goods and services.
- 24. Government debt held by individuals and institutions outside the government.
Down
- 1. Government spending and taxation rules that cause fiscal policy to be automatically expansionary when the economy contracts and automatically contractionary when the economy expands.
- 2. The level of real GDP the economy would produce if all prices, including nominal wages, were fully flexible
- 3. When aggregate output is above potential output.
- 4. are rules set by the Federal Reserve that determine the minimum reserve ratio for banks
- 5. not enough of the resources are available to satisfy all the various ways a society wants to use them.
- 9. Fiscal policy that reduces aggregate demand.
- 10. The combination of inflation and falling aggregate output.
- 13. An economy in which decisions about production and consumption are made by individual producers and consumers.
- 15. Fiscal policy that increases aggregate demand.
- 16. An event that shifts the short-run aggregate supply curve is a ___________
- 17. An event that shifts the aggregate demand curve is a ______________.
- 19. anything that offers rewards to people who change their behavior.
- 20. A phenomenon in which many of a bank’s depositors try to withdraw their funds due to fears of a bank failure.