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3. rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds
5. taxing mechanism in which the taxing authority charges more taxes as the income of the taxpayer increases
7. branch of economics that studies the behavior and performance of an economy as a whole
10. A policy of limiting the role of GOVERNMENT to the things it can do to help the market economy work efficiently
11. study of scarcity and how it affects the use of resources, the production of goods and services, the growth of production and well-being over time
12. The idea that a country should be self-sufficient and not take part in international trade
14. The goods that increase consumption as the price increases
15. the comprehensive benefits obtained from consuming an item or service
16. Purchases of foreign goods and SERVICES
18. process through which a nation's economic unit of exchange loses its legally enforceable validity
20. opposite of the often-encountered inflation

1. commonly-used phrase stands for 'all other things being unchanged or constant'
2. rate, The PRICE at which one currency can be converted into another
4. union, Initially a six-country TRADE AREA established by the 1957 Treaty of Rome
6. the theory or practice of shielding a country's domestic industries from foreign competition by taxing imports.
8. Often used to describe a tax on goods produced abroad imposed by the GOVERNMENT of the country to which they are exported
9. principle of economics that captures the consumer's desire to buy the product or service
13. policy under which the government uses the instrument of taxation, public spending and public borrowing to achieve various objectives of economic policy
17. gains,INCOME you do not expect, such as winning a lottery prize
19. taxing mechanism in which the taxing authority charges more taxes as the income of the taxpayer increases