Across
- 2. price index - A consumer price index (CPI) measures changes in the price level of a market basket of consumer goods and services purchased by households. The CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically.
- 6. - The total amount of a product (good or service) available for purchase at any specified price.
- 7. business - International business is defined as commercial transactions that occur across country borders. When a company sells products in the US, Japan and throughout Europe, this is an example of international business.
- 12. country - a nonindustrialized or Third World country.
- 14. Large marsupial
- 16. dependency - Mutual dependence at a global level. One country depends on another country for something and that country may depend on another country, which eventually creates global interdependence. Importing and exporting of goods and services highly contributes to global interdependence. Certain commodities such as oil have created a global interdependence between countries that produce the precious commodity and those that covet it.
- 17. price - Unique price at which buyers and sellers agree to trade in an open market at a particular time. In formal markets (such stock exchanges) there are two market prices: the offer (selling) price which is higher, and bid (buying) price that is lower.
- 18. - Ever-present situation in all markets whereby either less goods are available than the demand for them, or only too little money is available to their potential buyers for making the purchase.
- 20. - Sale or return of publicly owned enterprises to private ownership and control. Opposite of nationalization.
- 21. of production - Resources required for generation of goods or services, generally classified into four major groups
- 24. system - An organized way in which a state or nation allocates its resources and apportions goods and services in the national community.
- 27. country - a poor agricultural country that is seeking to become more advanced economically and socially.
- 29. national product - Gross national product (GNP) is the market value of all the products and services produced in one year by labour and property supplied by the citizens of a country.
- 30. economy - An economic system in which both the private enterprise and a degree of state monopoly (usually in public services, defense, infrastructure, and basic industries) coexist. All modern economies are mixed where the means of production are shared between the private and public sectors. Also called dual economy.
- 32. barriers - A government imposed restriction on the free international exchange of goods or services.
Down
- 1. - Broadly, social heritage of a group (organized community or society).
- 2. advantage - Comparative advantage is the ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals.
- 3. Has a trunk
- 4. cost - A benefit, profit, or value of something that must be given up to acquire or achieve something else. Since every resource (land, money, time, etc.) can be put to alternative uses, every action, choice, or decision has an associated opportunity cost.
- 5. advantage - the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
- 8. - the basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.
- 9. - A sustained, rapid increase in prices, as measured by some broad index (such as Consumer Price Index) over months or years, and mirrored in the correspondingly decreasing purchasing power of the currency. It has its worst effect on the fixed-wage earners, and is a disincentive to save.
- 10. country - A newly industrialized country (NIC) is a term used by political scientists and economists to describe a country whose level of economic development ranks it somewhere between the developing and first-world classifications.
- 11. - The theories, principles, and models that deal with how the market process works.
- 13. economy - An economy in which market mechanisms are replaced by a centralized state authority which coordinates all economic activity through commands, directives and regulations for the purpose of achieving broader socio-economic and political objectives.
- 15. of trade - the difference in value between a country's imports and exports.
- 19. Likes to chase mice
- 22. debt - Foreign debt is an outstanding loan that one country owes to another country or institutions within that country. Foreign debt also includes due payments to international organizations such as the International Monetary Fund (IMF).
- 23. Man's best friend
- 24. - Products of local origin sold to other countries. See also export.
- 25. - Commerce: A claim for a sum of money as due, necessary, or required.
- 26. business - Commercial activities conducted within a nation or a commercial entity that conducts economic transactions inside the borders of its home nation. A domestic business typically has the advantage of only having to deal with its local currency, customs, culture, regulations and tax system.
- 28. - Products of foreign origin brought into a country.
- 31. Flying mammal