Economics Vocab Crossword

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Across
  1. 3. gap between exports and imports
  2. 7. supply supply responds less than proportionately to a change in price; i.e. the percent change in quantity supplied is less than percent change in price
  3. 9. a significant decline in national output. Typically lasting a minimum of six months.
  4. 11. during the business cycle, the lower point of output in a recession, before a recovery begins.
  5. 13. an increase by society in the average level of physical and/or human capital per person
  6. 15. product which is intangible such as entertainment, healthcare or education
  7. 16. GDP divided by the population
  8. 17. a good that lasts three or more years.
  9. 18. when one country can use fewer resources to produce a good compared to another country; when a country is more productive compared to another country
  10. 19. Advances in knowledge
  11. 20. all elements that affect people's happiness, whether these element are obtained through market transactions or not
Down
  1. 1. an especially lengthy and deep decline in output
  2. 2. the relatively short-term movement of the economy from recession to expansion
  3. 4. good that has been produced, but not yet sold
  4. 5. during the business cycle, the highest point of output before a recession begins
  5. 6. supply responds more than proportionately to a change in price; i.e. the percent change in quantity supplied is greater than percent change in price
  6. 8. when a country can produce a good at a lower cost in terms of other goods; or, when a country has a lower opportunity cost of production
  7. 10. the price of an item multiplied by the number of units sold: TR = P x Qd
  8. 12. quantity of output produced per worker, or per hour worked
  9. 14. the accumulated skills and education of workers