Economics Final Crossword

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Across
  1. 2. when the federal government’s spending exceeds its revenues
  2. 3. a good whose use is related to the use of an associated or paired good
  3. 4. the fundamental economic problem
  4. 8. theory that predicts that after some optimal level of capacity is reached, adding an additional factor of production will result in smaller increases in output (diminishing returns).
  5. 10. the average tax burden increases with income
  6. 14. a business that is owed and controlled by an individual with no partners and a limited life. Often the most common form of business organization
  7. 16. refers to how an increase in spending ultimately leads to a far bigger change in GDP than the amount spent
  8. 17. law that states that an increase in the price of goods or services results in an increase in their supply
  9. 20. allow one to borrow money from the card up to a certain limit to purchase items or withdraw cash
Down
  1. 1. a partnership where every partner remains liable for the debts and obligations of the business
  2. 2. a good that experiences an increase in demand due to an increase in a consumer’s income
  3. 5. the growing interdependence of the world’s economics and markets
  4. 6. an excise tax placed on goods that are perceived to be harmful to society (eg. alcohol or cigarettes)
  5. 7. a graph that shows the correlation between the cost of a good/service and the quantity supplied
  6. 9. the ease with which an asset or security can be converted into ready cash
  7. 11. an economic system in which economic decisions and the prices of goods are guided by the interactions of citizens and businesses. No control by a central authority and is based on voluntary exchange.
  8. 12. a good that experiences an increase in demand due to an increase in a consumer’s income
  9. 13. the distribution of a company’s earnings to its shareholders
  10. 15. an increase in the overall prices of goods and services over a period of time
  11. 18. the document an employer is required to send to each employee that reports their annual wages and the amount of taxes withheld from their paychecks
  12. 19. the change in the behavior of buyers and sellers in response to a price change for a good