Economics Crossword Puzzle 2

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Across
  1. 3. A low turning point or a local minimum of a business cycle. The time evolution of many variables of economics exhibit a wave like behavior with local maxima followed by local minima.
  2. 6. appreciation An increase in the value of one currency in terms of another.
  3. 7. Friedman 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.
  4. 10. 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.
  5. 13. advantage The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
  6. 15. advantage The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
  7. 20. reserve system Is the central banking system of the United States.
  8. 21. The phase of the business cycle when the economy moves from a trough to a peak.
  9. 23. per capita Is a measure of average income per person in a country.
  10. 24. IRA An individual retirement account allowing a person to set aside after-tax income up to a specified amount each year. Both earnings on the account and withdrawals after age 59½ are tax-free.
  11. 25. worth Is the total assets minus total outside liabilities of an individual or a company.
Down
  1. 1. Is the only global international organization dealing with the rules of trade between nations.
  2. 2. surplus Is most commonly used to refer to the financial situations of governments; individuals speak of "savings" rather than a "budget surplus." A surplus is considered a sign that government is being run efficiently.
  3. 4. indicators Series of statistical figures, such as the consumer price index or the gross domestic product, used by economists to predict future economic activity.
  4. 5. trade International trade left to its natural course without tariffs, quotas, or other restrictions.
  5. 8. The theory or practice of shielding a country's domestic industries from foreign competition by taxing imports.
  6. 9. Maynard Keynes English economist whose ideas fundamentally changed the theory and practice of modern macroeconomics and the economic policies of governments.
  7. 11. Is an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries.
  8. 12. A state in the economy in which the growth is slow, flat or declining
  9. 14. Hayek Austrian and British economist and philosopher best known for his defense of classical liberalism.
  10. 16. The highest point between the end of an economic expansion and the start of a contraction in a business cycle.
  11. 17. deficit The amount by which the cost of a country's imports exceeds the value of its exports.
  12. 18. fund An account that is used to set aside funds to be used in an emergency, such as the loss of a job, an illness or a major expense.
  13. 19. standard The system by which the value of a currency was defined in terms of gold, for which the currency could be exchanged. The gold standard was generally abandoned in the Depression of the 1930s.
  14. 22. Smith Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment.