Macro Final Exam, Puzzel 1-B Chapter 1-6

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Across
  1. 5. The purchase of final goods and services by households, excluding new housing.
  2. 7. Purchase goods supplied by firms.
  3. 8. the branch of economics that focuses on broad issues such as growth and unemployment.
  4. 13. Goods and services produced but not sold.
  5. 15. Total exports minus imports.
  6. 17. Latin phrase meaning “other things being equal”
  7. 20. Arises when a small number of large firms have all or most of the sales in an industry.
  8. 21. satisfaction or value one obtains from consuming goods and services.
  9. 23. The “price” of borrowing in the financial market.
  10. 24. an economy where economic decisions are decentralized.
  11. 25. costs that we make in the past that we cannot recover.
Down
  1. 1. The amount of some good or service consumers are willing and able to purchase at each price.
  2. 2. The amount of some good or service a producer is willing to supply at each price.
  3. 3. Going from a peak to a trough.
  4. 4. is the study of how humans make decisions in the face of scarcity.
  5. 6. An economic statistic after it has been adjusted for inflation.
  6. 9. measures cost by what we give up/forfeit in exchange.
  7. 10. A significant decline in national output.
  8. 11. Interaction between potential buyers and sellers.
  9. 12. Domestic Product, The value of all final goods and services produced within a country in a given year.
  10. 14. is the fundamental principle of economic study.
  11. 16. The combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change.
  12. 18. Adam Smith's concept that individuals' self-interested behavior can lead to positive social outcomes.
  13. 19. products (goods and services) made abroad and then sold domestically
  14. 22. Ownership shares in a firm.