EcoSoc Crossword

4. policy Setting the interest rate in the overnight cash market in order to influence the real interest rate in the economy as a whole.
5. The dominant school of economic thought and major opponent to the Keynesian Schools. Also sounds like a really weird type of music.
8. Stevens Governor of the RBA.
9. The increase in prices over time.
13. The study of choice.
14. Father of modern macroeconomics.

1. advantage The theory that countries should produce products in which they have the lowest opportunity cost and trade with other countries in order to maximise their utility.
2. The process whereby the short-term unemployed become long-termed unemployed as their skills and connections atrophy, leading to an increase in the NAIRU.
3. One of the fathers of classical economic thought known for his work in trade theory, the law of diminishing returns and those stupid Country A versus Country B opportunity cost tables you have to do in Micro 1.
4. The theory that an increase in government spending will result in a greater than or less than proportional increase in total level aggregate
6. Largest component of aggregate demand, also what you do at breakfast, lunch and dinner.
7. In Soviet Russia he determines your job, in capitalist countries your job is determined by it.
10. hand The underlying principle of Smith's classical economics. The force that acts to bring markets to equilibrium.
11. The best society ever.
12. an individual's willingness to purchase a good or service.