Economics Test Review

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Across
  1. 2. Amount of money one country owes another
  2. 3. An economy that represents more than one kind of system
  3. 4. Main cause is reduced demand for goods and services
  4. 6. Largest USA trade imbalance
  5. 8. Economic resources also known as the factors of
  6. 14. Goods and services sold to other countries
  7. 15. Rapidly falling GDP and business failures
  8. 16. The starting age for the labor force
  9. 18. Items bought from other countries
Down
  1. 1. Production output compared to input
  2. 5. How a nation decides to allocate resources
  3. 6. Advantage when a country specializes in a product over other countries
  4. 7. The economist who wrote Wealth of Nations
  5. 9. When tax revenue exceeds expenses you have a _______ surplus.
  6. 10. Human Resources aka
  7. 11. When the amount a country imports is more than it exports you have a trade _________.
  8. 12. Dollar value of final goods and services
  9. 13. Period in which demand begins decreasing
  10. 17. There are ______ cycles in the business cycle
  11. 19. "Survival of the Fittest" economic system