Economics Crossword Puzzle

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Across
  1. 3. A situation in which income exceeds expenditures.
  2. 7. The total assets minus total outside liabilities of an individual or a company.
  3. 8. The highest point between the end of an economic expansion and the start of a contraction in a business cycle.
  4. 10. The means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
  5. 12. An increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP.
  6. 13. An economic system in which the production and distribution of goods are controlled substantially by the government rather than by private enterprise
  7. 14. The macroeconomic policy laid down by the central bank.
  8. 15. A policy by which a government does not discriminate against imports or interfere with exports by applying tariffs
  9. 18. A broad measurement of a nation's overall economic activity
  10. 20. The lowest remuneration that employers may legally pay to workers.
  11. 21. A measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the number of people in the country.
  12. 23. A sustained increase in the general price level of goods and services in an economy over a period of time.
  13. 24. A situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply.
  14. 26. An agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries.
  15. 27. He is well-known for his stance that national governments should attempt to smooth out the effects of expansion and contraction in the business cycle by using fiscal and monetary policy.
  16. 28. A ratio between the output volume and the volume of inputs.
  17. 29. When the demand for a product or service exceeds its supply in a market.
  18. 31. The economic policy of restraining trade between countries
  19. 34. The central bank of the United States and the most powerful financial institution in the world.
  20. 36. An increase in public spending
  21. 37. States that if countries specialise in producing goods where they have a lower opportunity cost – then there will be an increase in economic welfare.
  22. 38. A market structure characterized by a single seller, selling a unique product in the market.
  23. 40. Organization that aims to create economic peace and stability in the world through a multilateral system
  24. 41. The "useful-ness" that a consumer obtains from any good.
  25. 43. An individual retirement plan that bears many similarities to the traditional IRA, but the contributions are not tax deductible and qualified distributions are tax free.
  26. 45. The economic problem of having seemingly unlimited human wants in a world of limited resources.
  27. 47. A measure of a negative balance of trade in which a country's imports exceeds its exports.
  28. 48. He is best known for his strong belief in free-market capitalism
  29. 49. An economic system in which the means of production and distribution are privately or corporately owned
Down
  1. 1. The level of employment rates where there is no cyclical or deficient-demand unemployment.
  2. 2. He is particularly famous for his defense of free-market capitalism and is remembered as one of the greatest critics of the socialist consensus.
  3. 4. A term used to identify federal programs like Medicare and Medicaid
  4. 5. A monetary system in which a country's government allows its currency unit to be freely converted into fixed amounts of gold and vice versa.
  5. 6. A situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply.
  6. 9. 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.
  7. 11. System by Karl Marx defining that all means of production are owned in common
  8. 13. When the supply for a product or service exceeds its demand in a market.
  9. 16. An economic system where few restrictions are placed on business activities and ownership
  10. 17. Hands off government
  11. 19. An increase in the value of one currency in terms of another.
  12. 22. Type of money that is intrinsically useless object or record
  13. 25. One of the most frequently used statistics for identifying periods of inflation or deflation.
  14. 30. 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.
  15. 32. A market structure in which a small number of firms has the large majority of market share.
  16. 33. A significant decline in economic activity spread across the economy, lasting more than a few months
  17. 35. Series of statistical figures, such as the consumer price index or the gross domestic product, used by economists to predict future economic activity.
  18. 39. A benefit given by the government
  19. 42. analysis An examination of the additional benefits of an activity compared to the additional costs of that activity.
  20. 44. He is known as the founding father of modern Economics, defined Economics as the study of the nature and causes of nations' wealth or simply as the study of wealth.
  21. 46. A low turning point or a local minimum of a business cycle.