FOB Unit 2 Vocab Review

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Across
  1. 2. low point in the business cycle when GDP drops 2 quarters in a row
  2. 6. word that follows debt____ and represents the maximum amount that the government is allowed to borrow
  3. 9. economic system in which the government controls the public ownership of all enterprise
  4. 13. a small number of companies competing to sell a product
  5. 16. the timeframe when the rate of price increases starts to slow down
  6. 17. a recession lasting a lengthy period of time
  7. 18. one competitor dominating an industry
  8. 20. a free market system
  9. 21. the minimum amount of funds that a bank must hold is called a ________ requirement
Down
  1. 1. quantity of products that consumers are willing to purchase at different prices
  2. 3. term used when revenue is greater than expenses
  3. 4. study of the overall activity of an economic system including employment, GDP and taxes
  4. 5. competition that is open to many companies selling similar merchandise with a wide range of prices
  5. 7. type of policy that represents government decisions for taxes and spending
  6. 8. part of the business cycle when business production falls and unemployment rises
  7. 10. focuses on the study of how individual consumers choose to spend and save
  8. 11. type of policy that represents the Federal Reserve and decisions centered around interest rates and supply of money
  9. 12. economic system in which government owns and operates most everything serving the public
  10. 14. type of competition in which the product is the same for everyone
  11. 15. term used when expenses are greater than revenue
  12. 19. the quantity of products that producers make available at different prices