Economics Crossword

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Across
  1. 7. the system by which the value of a currency was defined in terms of gold
  2. 10. an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
  3. 11. the amount by which the cost of a country's imports exceeds the value of its exports
  4. 12. an American economist and statistician best known for his strong belief in free-market capitalism
  5. 15. measures how efficiently production inputs
  6. 16. policy macroeconomic policy laid down by the central bank
  7. 18. allows business owners to measure the additional benefits of one production activity versus its costs
  8. 22. an increase in the value of one currency in terms of another
  9. 24. famous economist born in Vienna, Austria
  10. 26. only global international organization
  11. 29. advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
  12. 31. low supply
  13. 32. an economic system in which private business operates in competition and largely free of state control
  14. 34. also known as the "the Fed"
  15. 37. measure of average income per person in a country
  16. 39. currency that a government has declared to be legal tender, but is not backed by a physical commodity
  17. 40. top point on graph
  18. 42. use of monetary or fiscal policy changes to kick start a lagging or struggling economy
  19. 45. an index of the variation in prices paid by typical consumers for retail goods and other items
  20. 46. an individual retirement account
  21. 47. complete control over imdustry
  22. 49. increase of progress
Down
  1. 1. money granted to help an industry
  2. 2. policy means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy
  3. 3. smooth out the effects of expansion and contraction in the business cycle by using fiscal and monetary policy
  4. 4. broadest quantitative measure of a nation's total economic activity
  5. 5. mass production
  6. 6. an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries
  7. 8. a situation when the price charged is more than or less than the equilibrium price
  8. 9. the less amount of money allowed to get paid when working
  9. 10. a political theory derived from Karl Marx
  10. 13. measure of what an entity is worth
  11. 14. when the demand for a product or service exceeds its supply in a market
  12. 17. restraining trade between countries through methods such as tariffs on imported goods
  13. 19. ability to produce a better quality good using the same resources
  14. 20. known for Wealth of Nations
  15. 21. if countries specialise in producing goods where they have a lower opportunity cost
  16. 23. situation in which income exceeds expenditures
  17. 25. measurement of "useful-ness" that a consumer obtains from any good
  18. 27. international trade left to its natural course without tariffs, quotas, or other restrictions
  19. 28. an account that is used to set aside funds to be used in an emergency
  20. 30. hands off government
  21. 33. bottom point on graph
  22. 35. government program guaranteeing access to some benefit by members of a specific group and based on established rights or by legislation
  23. 36. used by economists to predict future economic activity
  24. 38. situation when the price charged is more than or less than the equilibrium price
  25. 41. everyone is eligible to work
  26. 43. decline of progress
  27. 44. resource that exceeds the portion that is utilized
  28. 48. a state of limited competition