American Economics

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Across
  1. 3. The statutory requirement that the Federal Reserve work toward both maximum employment and stable prices [10-12].
  2. 4. A market where many firms produce similar but not identical products, such as different brands of shoes [24-26].
  3. 9. The basic resources needed to create goods and services, categorized as land, labor, and capital [13, 14].
  4. 11. Legislation designed to prevent companies from monopolizing an industry and to restore fair competition, such as the Sherman Antitrust Act (1890) [1, 2].
  5. 12. An economic system where private companies and the people who run them are in charge of industry and trade [3-5].
  6. 14. A monetary strategy used to stimulate the economy during a recession by lowering interest rates to promote spending and hiring, though it risks increasing inflation [7, 8, 13].
  7. 15. The general increase in the price of goods and services over time [10, 11, 16].
  8. 16. A situation where a single company has exclusive control over a product or service, eliminating competition and often leading to higher prices [1, 23, 24].
  9. 17. An idealized market where all firms compete directly to offer the lowest prices, and no single producer has the power to influence the price of goods [28, 29].
Down
  1. 1. The independent central banking system of the United States, established in 1913 to manage monetary policy and provide stability [8, 10, 15].
  2. 2. Economic policy handled by Congress and the president concerning government spending and taxation to fund programs and stabilize the economy [7, 9].
  3. 5. The rivalry between producers seeking to "win" consumers for their goods or services, which typically increases quality and lowers costs [5, 6].
  4. 6. The "price" of borrowing money, typically expressed as a percentage of the amount borrowed [16, 17].
  5. 7. Actions taken by the Federal Reserve to manage the money supply, interest rates, and the availability of credit [3, 7, 22].
  6. 8. A monetary strategy used to stabilize the economy during inflation by raising interest rates to suppress spending, which can lead to higher unemployment [7-9].
  7. 10. An economic system—like that of the U.S.—where private businesses are the main producers, but the government acts as a "referee" by setting rules, maintaining competition, and ensuring stability [18-21].
  8. 13. A market situation in which just a few large companies dominate the entire industry [27, 28].