3 Economic Concepts

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Across
  1. 1. (EU) trade alliance among 28 European nations; encourages free trade among members and promotes work as a single market
  2. 4. French word for ‘leave alone’; economic concept opposing governmental involvement in commerce beyond what is necessary to keep an economic system running on its laws; associated with a free enterprise system
  3. 7. period of the business cycle in which there is decreasing economic activity
  4. 8. period of business cycle in which economic activity is at its highest Contraction
  5. 10. goods and services purchased from other countries
  6. 11. measure of the number of people without jobs
  7. 13. (WTO) global coalition among many countries; headquartered in Geneva, Switzerland
  8. 14. period of two or more consecutive fiscal quarters of decreasing GDP
  9. 17. tariff which increases price on imports to protect domestic products
  10. 20. period of two or more consecutive fiscal quarters of increasing GDP
  11. 21. fluctuations in economic activity over time; constitutes production rising then falling in a long cycle of expansion and contraction
  12. 23. period of the business cycle in which there is increasing economic activity
  13. 24. tax on imports
Down
  1. 2. state in which countries depend on each other for certain goods or services which they cannot produce efficiently for themselves; international trade
  2. 3. (CPI) measure of the change in the prices of consumer goods; used to measure inflation; also known as cost-of-living index
  3. 5. (NAFTA) trade agreement among Canada, the United States and Mexico; mission to diminish all trade barriers and investment restrictions between Canada, the United States and Mexico
  4. 6. tariff which supplies revenue for a country
  5. 9. occurs when a country is able to produce a product more efficiently and at a lower cost than another country
  6. 12. (PPI) measure of the change in the prices of wholesale goods; used to measure inflation; formerly known as the wholesale price index
  7. 15. limits the quantity or monetary value of an import; controls the level of an import
  8. 16. complete ban on certain products coming in or leaving the country; usually put in place for political reasons
  9. 18. goods and services sold to other countries
  10. 19. period of the business cycle with the lowest economic activity
  11. 22. occurs when a country possesses unique resources or capabilities allowing for the lowest cost of production for a product