Economics Final Crossword

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Across
  1. 5. describes demand that is not very sensitive to a change in price
  2. 9. the type of tax used in the United States
  3. 10. a formal contract to repay borrowed money with interest at fixed intervals
  4. 11. large farm leased from the state to groups of peasant farmers
  5. 12. the financial and opportunity costs consumers pay when searching for a good or service
  6. 13. the additional income from selling one more unit of a good
  7. 16. mediation with a legally binding decision
  8. 19. a tax on the production or sale of a good
  9. 21. a private organization that tries to persuade public officials to act or vote according to group members’ interests
  10. 22. common example of a price floor
  11. 23. factors that cause a producer’s average cost per unit to fall as output rises
  12. 24. the skills and knowledge gained by a worker through education and experience
  13. 25. limited quantities of resources to meet unlimited wants
  14. 26. the idea that every one dollar of government spending creates more than one dollar in economic activity
  15. 27. a factor that can change
  16. 32. spending category about which government planners can make choices
  17. 35. someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good
  18. 36. money and other valuables belonging to an individual or business
Down
  1. 1. taking tax payments out of an employee’s pay before he or she receives it
  2. 2. all the money available in the United States economy
  3. 3. market-based economic system with limited government involvement
  4. 4. a period of macroeconomic expansion followed by a period of contraction
  5. 6. paper currency issued during the Civil War
  6. 7. the theory that education increases productivity and results in higher wages
  7. 8. “all other things held constant”
  8. 14. a way to attract customers through style, service, or location, but not a lower price
  9. 15. any factor that makes it difficult for a new firm to enter a market
  10. 17. type of money used by the United States government
  11. 18. category of labor a teacher falls into
  12. 20. a graphic representation of a demand schedule
  13. 28. a market in which goods are sold illegally
  14. 29. very high inflation
  15. 30. the market in which households purchase the goods and services that firms produce
  16. 31. a twelve-month period that can begin on any date
  17. 33. the legally bound obligation to pay debts
  18. 34. a situation in which a good or service is unavailable