Economics Crossword Puzzle

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Across
  1. 1. A benefit given by the government to groups or individuals in the form of cash payment or tax reduction
  2. 5. Amount by which assets exceed liabilities
  3. 11. The highest point at the end of the expansion in the business cycle
  4. 12. The lowest amount that employers may legally pay to workers
  5. 13. When the demand for a product or service exceeds its supply in a market
  6. 15. A measure of the total output of a country that divides the number of people by the GDP
  7. 17. An individual retirement plan
  8. 19. Abstention by governments from interfering in the workings of the free market
  9. 24. An increase in the value of one currency in terms of another
  10. 25. Short for North American Free Trade Agreement
  11. 26. The level of employment rates wherer there is no cyclical or deficient-demand unemployment
  12. 28. Measures the weighted average of prices of consumer goods and services
  13. 30. An economic system where few restrictions are placed on businesses by the government
  14. 33. A situation when the price charged is less than the equilibrium price
  15. 34. The American economist who believed in free-market capitalism
  16. 36. Currency that is converted into fixed amounts of gold
  17. 37. Production and distribution is privately owned
  18. 38. GDP
  19. 39. Production and the distribution of goods is owned by the citizens
  20. 40. Currency that a government has declared to be legal tender
  21. 42. The founding father of modern economics
  22. 43. A market structure in which a small number of firms has the large majority of market share
  23. 45. Countries that specialize in producing goods
  24. 46. Was created by the central bank
  25. 47. An examination of the benefits of an activity campared to the costs of that activity
  26. 48. The British economist who developed Keynesian economics
  27. 49. To produce a greater quantity of a good or product
Down
  1. 2. The usefulness of a good
  2. 3. Unrestricted sale of goods and services.
  3. 4. The ratio between the output production and the input production
  4. 6. An economic measure of a negative balance of trade in which a country's imports exceeds its exports
  5. 7. Examples are Social Security and Medicare
  6. 8. The political philosopher who defended free-market capitalism
  7. 9. A situation when the price charged is more than the equilibrium price
  8. 10. Short for World Trade Organization
  9. 14. Account used to set aside funds for an emergency
  10. 16. The turning point in the business cycle
  11. 18. The FRS
  12. 20. All production is owned and controlled by the government
  13. 21. A situation in which income exceeds expenditures
  14. 22. A sustained increase in the general price level of goods and services in an economy over a period of time
  15. 23. The policy of restraining trade between states
  16. 27. A decline in economic activity in the business cycle
  17. 29. Indicate the direction of an economy
  18. 31. The means of how the government adjusts its spending levels and tax rates
  19. 32. A market structure characterized by a single seller who sells a unique product
  20. 35. The amount of an asset or resource that exceeds the portion that is utilized
  21. 41. The trough to the peak in the business cycle
  22. 44. The state of being scarce or in short supply of