IB Unit 2 Vocab

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Across
  1. 1. An economic system where private individuals or businesses own and control the production of goods and services, with prices determined by market forces.
  2. 6. Economy An economic system that incorporates elements from both capitalism and socialism, allowing for both private and government involvement in economic decisions.
  3. 7. The fluctuations in economic activity that an economy experiences over time, typically moving through phases such as expansion, peak, contraction, and trough.
  4. 8. Growth An increase in the production of goods and services in an economy over time, typically measured by the growth rate of GDP.
  5. 10. A graphical representation showing the relationship between the price of a good and the quantity demanded, typically sloping downward.
  6. 14. The method or structure by which a society organizes the production, distribution, and consumption of goods and services.
  7. 16. The total monetary value of all finished goods and services produced within a country's borders during a specific time period, used as a key indicator of economic health.
  8. 18. The amount of goods and services that can be bought with a given amount of money; it decreases when inflation rises.
  9. 19. The quantity of a good or service that consumers are willing and able to purchase at various prices.
Down
  1. 2. The rate at which the general level of prices for goods and services rises, leading to a decrease in purchasing power.
  2. 3. The branch of economics that focuses on individual consumers and businesses, examining how their choices affect supply and demand.
  3. 4. A period of economic decline marked by a decrease in GDP, rising unemployment, and a slowdown in production and consumption.
  4. 5. The central bank of the United States, responsible for regulating monetary policy, controlling interest rates, and managing the money supply to stabilize the economy.
  5. 9. The branch of economics that studies the behavior and performance of an economy as a whole, including factors like inflation, unemployment, and economic growth.
  6. 11. An economic system in which the government owns all means of production and controls the distribution of goods and services, aiming for a classless society.
  7. 12. An economic system that combines elements of capitalism and communism, where the government may own key industries while allowing some private ownership.
  8. 13. The study of how individuals, businesses, and governments make choices about allocating limited resources to satisfy unlimited wants and needs.
  9. 15. A graphical representation showing the relationship between the price of a good and the quantity supplied, usually sloping upward.
  10. 17. The quantity of a good or service that producers are willing and able to sell at different prices.