Economics Vocabulary

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Across
  1. 2. Name Word, picture, or logo on a product that helps consumers distinguish it from similar products.
  2. 3. Part of the business cycle during which economic activity is slowing down.
  3. 6. The state of legally having been declared unable to pay off debts owed with available income.
  4. 8. Economy System in which the government controls the factors of production and makes all decisions about their use.
  5. 11. Production process in which machines do the work and people oversee them.
  6. 14. Workers Category of workers employed in crafts, manufacturing, and nonfarm labor.
  7. 15. Bargaining Process by which unions and employers negotiate the conditions of employment.
  8. 17. Person who acts as a go-between for buyers and sellers of stocks and bonds
  9. 18. Offices and agencies of the government that each deal with a specific area.
  10. 19. Account Account in which deposited funds can be withdrawn at any time by writing a check.
  11. 22. A set of rules describing how stock will be sold and dividends paid.
  12. 23. Labor Force Total number of people 16 years old or older who are either employed or actively seeking work.
  13. 27. Principle System of taxation in which those who use a particular service support it with taxes in proportion to the benefit they receive; those who do not use a service do to pay taxes for it.
  14. 29. Something of value that a borrower lets lender claim if a loan is not repaid.
  15. 31. Sovereignty The role of the consumer as ruler of the market when determining the types of goods and services produced.
  16. 33. Union and management submit the issues they cannot agree on to a third party for a final decision.
  17. 37. Costs Fees involved in arranging for a mortgage or in transferring ownership of property.
  18. 38. Taking over industries by governments without paing for them
  19. 40. Analysis A financial process in which a business estimates the cost of any action and compares it with the estimated benefits of that action.
  20. 41. Economic system in which private individuals own the factors of production.
  21. 43. Flow of Income and Output Economic model that pictures income as flowing continuously between businesses and consumers.
  22. 44. Summation of all the individual parts in the economy.
  23. 46. Warehouse Store Store that carries a limited number of brands and items in large quantities and is less expensive that grocery stores.
  24. 47. Indicators Economic indicators that usually change at the same time as changes in overall business activity.
  25. 49. Economic pressure exerted by unions urging ht public not to purchase the goods or services produced by a company.
  26. 51. Clearing Method by which a check that has been deposited in one institution is transferred to the issuer’s depository institution.
  27. 52. Surplus Situation when the amount of government receipts is larger than its expenditures during the fiscal year.
Down
  1. 1. Exchange of goods and services for other goods and services.
  2. 2. Market “Underground” or illegal market in which goods are traded at prices above their legal maximum prices or in which illegal goods are sold.
  3. 3. Advantage Ability of a country to produce a product at a lower opportunity cost than another country.
  4. 4. of Trade Difference between the value of a nation’s exports and its imports.
  5. 5. Teller Machine Unit that allows consumers to do their banking without the help of a teller.
  6. 6. Same as peak.
  7. 7. Arrangement among groups of industrial businesses to reduce international competition by controlling the price, production, and distribution of goods.
  8. 9. Percentage Rate Cost of credit expressed as a yearly percentage.
  9. 10. of Deposit Time deposits that state the amount of the deposit, maturity, and rate of interest being paid.
  10. 11. Socialism System that supports revolution as a means to overthrow capitalism and bring about socialist goals; the entire economy is controlled by a central government; also called communism.
  11. 12. Line Production system in which the good being produced moves on a conveyor belt past workers who perform individual tasks in assembling it.
  12. 13. Shop Company in which employees are not required to join the union, but must pay union dues.
  13. 14. Fluctuations Ups and downs in a economy.
  14. 15. Store Store open 16 to 24 hours a day, carrying a limited selection of relatively higher-priced items
  15. 16. of Distribution Routes by which goods are moved from producers to consumers.
  16. 18. to Entry Obstacles to competition that prevent others from entering a market.
  17. 19. Type of business organization owned by many people but treated by law as though it were a person; it can own property, pay taxes, make contracts, and so on.
  18. 20. Account Credit extended to a consumer allowing the consumer to buy goods or services from a particular company and to pay for them later.
  19. 21. Year Year used as a point of comparison for other years in a series of statistics.
  20. 23. Bank Bank whose main functions are to accept deposits, lend funds, and transfer funds among banks, individuals, and businesses.
  21. 24. Shop Company in which only union members could be hired.
  22. 25. Charter License to operate granted to a corporation by the state where it is established.
  23. 26. Principle Principle of taxation in which those with higher incomes pay more taxes than those with lower incomes, regardless of the number of government services they use.
  24. 28. Good A product often used with another product.
  25. 29. Advertising Advertising that attempts to persuade consumers that a product is different from and superior to any other.
  26. 30. Supply Curve A graphed line showing the relationship between the aggregate quantity supplied and the average of all prices as measured by the implicit GPD price deflator.
  27. 31. Shopping Getting information on the types and prices of products available from different stores and companies.
  28. 32. Exclusive right to sell, publish, or reproduce creative works for a specified number of years.
  29. 34. and Switch Ad that attracts consumers with a low-priced product, then tried to sell them a higher-priced product.
  30. 35. Legislation Federal and state laws passed to prevent new monopolies from forming and to break up those that already exist.
  31. 36. Loss Decrease in value of an asset from the time it was bought to the time it was sold.
  32. 38. Large Corporation made up of smaller corporations dealing in related businesses.
  33. 39. Rivalry amount producers or seller of similar goods and services to win more business.
  34. 40. Movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers.
  35. 41. Deposits Funds deposited in a bank that can be withdrawn at any time by presenting a check.
  36. 42. All items to which a business or household holds legal claim.
  37. 43. American Free Trade Agreement (CAFTA) Trade agreement designed to reduce tariff barriers between Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, the Dominican Republic and the United States.
  38. 44. Advantage Ability of one country to produce more output per unit of input than can another country.
  39. 45. of Incorporation Document listing basic information about a corporation that is filed with the state where the corporation will be headquartered.
  40. 47. Money A medium of exchange such as cattle or gems that has value as a commodity or good aside from its value as money.
  41. 48. Term used by Karl Marx for his idealized society in which no government in necessary.
  42. 50. Stock Shares of ownership in a corporation that give stockholders voting rights and a portion of future profits (after holders of preferred stock are paid).