Across
- 4. the various resources in an economy including both physical resources and such human resources as ingenuity and management skills
- 5. higher price levels increase the interest rate which in turn causes businesses and consumers to reduce desired spending due to the higher cost of borrowning
- 7. the total of all planned expenditures in the entire economy
- 9. total real domestic output divided by the number of workers
- 12. the study of factors that contribute to the economic growth or a country
- 15. a persistent decline in prices resulting from economic growth in the presence of stable aggregate demand
- 17. the change in expenditures resulting from a change in the real value of money balances when the price level changes
Down
- 1. a theory of economic growth that examines the factors that determine why technology, research, innovation, and the like are undertaken and how they interact
- 2. a curve showing planned purchase rates for all final goods and services in the economy at various price levels, all other things held constant
- 3. that which is not consumed
- 6. a rule stating that the approximate number of years required for per capita real GDP to double is equal to 70 divided by the average rate of economic growth
- 8. the total of all planned production for the economy
- 10. transforming an invention into something that is useful to humans
- 11. increases in per capita real GDP measured by its rate of change per year
- 13. a vertical line representing the real output of goods and services after full adjustment has occured
- 14. a higher price level induces foreign residents to buy fewer U.S. made goods and U.S. residents to buy more foreign-made goods, thereby reducing net exports and decreasing the amount of real goods and services purchased in the U.S.
- 16. a government protection that gives an inventor the exclusive right to make, use or sell an invention for a limited period of time