(Somewhat) Everything Economics

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Across
  1. 4. the value of the next best alternative
  2. 9. Costs (or benefits) that fall on others
  3. 11. Trade _____ happens when exports are more than imports for a country
  4. 12. a minimum price set by the government above equilibrium
  5. 13. Adam Smith believed that people working in their own _____ would work hard and produce what consumers want
  6. 16. A sustained decrease in the general price level of goods and services over time
  7. 19. ____ opens new markets where surplus goods can be sold and allows for cheaper goods to be imported
  8. 21. the relationship between price and the quantity producers are willing and able to provide
  9. 22. goods which are produced abroad and sold in the United States
  10. 23. ____ keeps prices low
  11. 26. the relationship between price and the quantity consumers are willing and able to purchase
  12. 28. a maximum price set by the government below equilibrium
  13. 29. a period of increasing real GDP
  14. 31. goods which are produced domestically and sold to other countries
  15. 32. A rapid rise in the price level that leads to extremely high inflation
  16. 38. Consumers buy more as their income increases and less as their income decreases
  17. 40. Goods that benefit everyone but are not provided efficiently by the market, like fire protection
  18. 42. division of labor
  19. 45. Reduction in the inflation rate to a lower, but still positive rate
  20. 49. the activity of coming up with the idea for and starting a business
  21. 50. This type of unemployment occurs when there is a downward cycle in the economy
  22. 51. _______ occur when you give up something to gain something else.
  23. 52. _______ Advantage is when an individual, firm, or country has an advantage in the production of a good or service if it can produce more of a good than its trading partner.
  24. 53. A sustained increase in the general price level of goods and services over time
  25. 54. things or ideas that are used to encourage or discourage people from making choices
  26. 55. Assuring consumers (and producers) have accurate information on which to base their decisions
  27. 56. occurs when quantity supplied exceeds quantity demanded
Down
  1. 1. Business conduct that reduces market competition
  2. 2. goods that are excludable but nonrival (i.e. Netflix)
  3. 3. The government answers the economic questions by dictating output and amount of production
  4. 5. taxes on imports
  5. 6. goods that non-excludable and non-rival (public parks, streetlights, national defense)
  6. 7. an outright ban on imports from and/or exports to a particular foreign nation, usually for political reasons
  7. 8. History, past actions, and culture determine the answers to the economic questions
  8. 10. occurs at the price and quantity where the supply and demand curves cross
  9. 14. Providing essential goods and services and maintaining a fair distribution of income because of this market failure
  10. 15. Trade _____ happens when exports are less than imports
  11. 17. Consumers answer the 3 economic questions by choosing which products and services to buy
  12. 18. human resources ;the effort people make at work
  13. 20. the end of a contraction in real GDP and the beginning of an expansion
  14. 22. Consumers buy less as their income increases and more as their income decreases
  15. 24. The market value of all final goods and services produced within a country’s borders in a given period of time
  16. 25. occurs when quantity demanded exceeds quantity supplied
  17. 27. when real GDP stops increasing at the end of an expansion and the start of a contraction
  18. 30. goods that are excludable and rival (i.e. bicycles and candy bars)
  19. 33. a measure of how efficiently an economy is using its available factors of production.
  20. 34. This type of unemployment occurs when a job requiring a specific skill set is no longer needed, either in a specific industry, geographic area, or both.
  21. 35. limits on the quantity of goods that can be imported
  22. 36. ________ occurs there are not enough resources to produce all the goods and services that people want.
  23. 37. goods that are non-excludable but rival (i.e. the environment and wildlife)
  24. 39. the combination of two or more companies, whether through the creation of a new entity or by one absorbing the other
  25. 40. Businesses have an incentive to produce what consumers want and to keep their production costs down
  26. 41. _____ Advantage is when an individual, firm, or country has an advantage in the production of a good or service if it possesses a lower opportunity cost than its trading partner.
  27. 43. includes tools, machines, buildings
  28. 44. one of the factors of production; aka natural resources; example: crops, water, and minerals
  29. 46. This type of unemployment occurs when jobs requiring certain skills are available and people with those skills are available, but the two have not matched up yet.
  30. 47. shows the maximum amount of output that can be made using the current amount of resources and technology
  31. 48. a significant, prolonged decline in economic activity spread across the economy, usually indicated by a decline in real GDP