Across
- 2. Metric used to measure inflation.
- 4. When does deflation occurs in the average price level of goods/services in an economy?
- 8. The total demand for goods and services at a given price level (a, b) is called ________ demand.
- 9. What model is strongly influenced by economists like Milton Friedman?
- 11. economic growth can occur in _________or long-run and each is explained differently.
- 12. Demand-side growth can be illustrated by using the production _________ curves model.
- 14. Economic growth occurs when there is an ________ in the productive potential of an economy.
Down
- 1. When the average price level increases but at a decreasing rate than before is called ___________.
- 3. If the Central Bank lowers the base rate, there is likely to be increased ___________ by firms and consumers.
- 5. Type of inflation caused by rising production costs.
- 6. A change to the _______ / quality of the factors of production has increased potential output of the economy.
- 7. Decrease in purchasing power __________
- 10. An ________ shift in a LRAS demonstrates long-term economic growth.
- 13. The value of all final goods and services produced in an economy, adjusted for inflation is called ______ GDP.