Across
- 2. Central bank policies; alter money supply
- 8. ______ unemployment; unemployment that occurs alongside the business cycle
- 9. A state of being; limited amount of work, energy, knowledge, and capital that motivates economic choices
- 11. Costs that don't depend on production quantity
- 15. Economic actors make choices that serve their greatest benefit
- 16. A measure of a good's responsiveness to price changes
- 18. The next most desirable option given up when making a decision
- 19. Related goods, such that when the price of one good falls, demand for the other falls
- 22. The surplus value that producers receive when the price of a good exceeds the cost of manufacturing
- 23. The trade-off faced by a producer who can make two goods; describes comparative advantage
- 27. Disrupt the marker with new innovations and creative ideas
- 29. As price increases, demand decreases
- 32. GDP calculated without inflationary effects
- 33. Costs that escalate as production changes in the short run
- 36. The actions of one person impacts the well-being of someone else
- 37. As price increases, supply increases
Down
- 1. Interest rate the Federal Reserve charges for lonas to its member banks
- 3. author of "Wealth of Nations"
- 4. Central bank; sets monetary policy; FOMC controls money supply
- 5. Total number of persons aged 16+, either working or actively seeking employment
- 6. All other options given up when making a decision
- 7. Focuses on individual markets and individual behaviors
- 10. The quantity demanded rises when income rises
- 12. The quantity demanded falls when income rises
- 13. ______ unemployment; results from the time lag between workers leaving a job and finding another
- 14. The surplus value that consumers receive when a good's price falls below the amount they would be willing to pay for it
- 17. ______ unemployment; results from mismatch of skills offered by labor and skills desired by firms
- 20. A single supplier controls the market
- 21. abbr. resources used to produce goods and services: land, labor, and capital
- 24. GDP calculated with current year prices
- 25. A table that reflects changing consumption patterns due to price changes
- 26. Marginal Revenue = Marginal Cost
- 28. Focuses on the overall performance of the national economy
- 30. The competitive market fails to produce a socially desirable outcome
- 31. Government taxation and spending policy choices meant to influence the economy
- 34. Assets such as tools, equipment, and human creativity that encourage productivity
- 35. goods often bought together