Economics Final Review/Puzzle

1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950
Across
  1. 2. A tax in which the average tax rate is the same at all income levels; "flat tax"
  2. 4. A means of preventing a foreign product or service from freely entering a nation's territory
  3. 7. the point at which quantity supplied equals quantity demanded and where the market price is set
  4. 9. A tax whereby people with lower incomes pay a higher fraction of their income than people with higher incomes (Sales Tax)
  5. 13. The interest rate on the loans that the Fed makes to banks
  6. 17. A person who purchases goods and services for personal use
  7. 20. the process of bringing together the three factors of production - natural resources, labor and capital - the person who does this is an entrepreneur
  8. 23. the power of consumers to decide what gets produced
  9. 24. a required payment to (and form of revenue for) a local, state, or national government
  10. 27. A period of economic growth as measured by a rise in real GDP
  11. 28. A legal minimum on the price at which a good or service can be sold
  12. 31. A market structure in which a few large firms dominate a market
  13. 32. the action or process of investing money for profit or material result
  14. 33. a situation in which consumers want more of a good or service than producers are willing to make available at a particular price; qd > qs
  15. 35. a decrease in the general level of prices
  16. 40. the quantity supplied of a good rises when the price of the good rises
  17. 41. anything that is used to determine value during the exchange of goods and services
  18. 42. a means of holding purchasing power over time
  19. 43. the quantity demanded of a good falls when the price of the good rises
  20. 44. the actual amount of a good or service consumers are willing to buy at some specific price
  21. 46. The groups of resources that are used to make all goods and services
  22. 47. a way to measure the worth of what is bought and sold (ex. U.S. Dollar)
  23. 48. the struggle among producers for the dollars of consumers
  24. 49. the use of government spending and revenue collection (taxation) to influence the economy
  25. 50. money that has value because the government has ordered that it is an acceptable means to pay debts
Down
  1. 1. a situation in which producers make more of a product available than consumers are willing to purchase at a particular price; qd < qs
  2. 3. the percentage of deposits that banking institutions must hold in reserve
  3. 5. A slowdown in a nation's economy
  4. 6. A good or service produced in the home country and sold in another country
  5. 8. incoming money (ex. from taxes to the government)
  6. 10. A tax for which the percentage of income paid in taxes increases as income increases (U.S. Income Tax)
  7. 11. the quantity of money available in the economy
  8. 12. the amount of a good or service that a firm is willing and able to supply at a given price
  9. 14. the total market value of all final goods and services produced annually in an economy(abbr)
  10. 15. the number of people who are actively looking for work but aren't currently employed
  11. 16. money for investment, as a factor of production
  12. 18. Human effort directed toward producing goods and services
  13. 19. Bring (goods or services) into a country from another country for sale
  14. 21. The study of how people seek to satisfy their needs and wants by making choices
  15. 22. A person, company, or country that makes, grows, or supplies goods or commodities for sale
  16. 25. Federal Reserve policy that attempts to manage the economy by controlling the money supply and thus interest rates
  17. 26. A market in which there are many buyers but only one seller
  18. 29. a general increase in prices and fall in the purchasing value of money
  19. 30. A legal maximum on the price at which a good or service can be sold
  20. 34. the incentive that drives individuals and business owners to improve their material well-being
  21. 36. The amount by which the cost of a country's imports (Im) exceeds the value of its exports (Ex); Ex < Im
  22. 37. The amount by which the value of a country's exports (Ex) exceeds the cost of its imports (Im); Ex > Im
  23. 38. property owned by individuals or companies, not by the government or the people as a whole
  24. 39. all natural resources used to produce goods and services
  25. 45. Cost of the next best alternative use of money, time, or resources when one choice is made rather than another