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Across
  1. 4. all who are able and willing to work have jobs
  2. 6. gross domestic product
  3. 7. consumer price index
  4. 9. An economic measure of output per unit of input.
  5. 11. $1,000 savings
  6. 13. An individual retirement plan that bears many similarities to the traditional IRA, but contributions are not tax deductible and qualified distributions are tax free.
  7. 16. the state of being scarce or in short supply; shortage.
  8. 17. North American Free Trade Agreement
  9. 18. Series of statistical figures, such as the consumer price index or the gross domestic product, used by economists to predict future economic activity.
  10. 19. An increase in the value of one currency in terms of another.
  11. 22. the ability of a party (an individual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.
  12. 25. The unrestricted purchase and sale of goods and services between countries without the imposition of constraints such as tariffs, duties and quotas
  13. 26. quantity demanded is greater than quantity supplied at the market price.
  14. 27. expansion/contraction of money supply
  15. 28. An offer to purchase a security or other asset that cannot be transferred to another party.
  16. 32. pro-government; favored monetary policy
  17. 35. A monetary system in which a country's government allows its currency unit to be freely converted into fixed amounts of gold and vice versa.
  18. 37. the founding father of modern Economics, defined Economics as the study of the nature and causes of nations' wealth or simply as the study of wealth.
  19. 38. The minimum amount of compensation an employee must receive for performing labor.
  20. 40. an increase in the level of economic activity
  21. 41. An economic measure of a negative balance of trade in which a country's imports exceeds its exports. A trade deficit represents an outflow of domestic currency to foreign markets.
  22. 42. Government actions and policies that restrict or restrain international trade, often done with the intent of protecting local businesses and jobs from foreign competition.
  23. 44. Analysis An examination of the additional benefits of an activity compared to the additional costs of that activity.
  24. 45. a business cycle contraction
  25. 46. an absence of competition, which often results in high prices and inferior products.
Down
  1. 1. used to compare national wealth or standard of living
  2. 2. An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed by the British economist
  3. 3. A situation in which income exceeds expenditures.
  4. 4. An economic system where few restrictions are placed on business activities and ownership.
  5. 5. a situation when the price charged is more than the equilibrium price determined by market forces of demand and supply
  6. 8. amount of an asset or resource that exceeds the portion that is utilized
  7. 10. measurement of "useful-ness" that a consumer obtains from any good.
  8. 12. the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
  9. 14. ex. Canada
  10. 15. the fed banking system's attempt to control business cycle
  11. 19. The ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals.
  12. 20. ex. Merica
  13. 21. The highest point between the end of an economic expansion and the start of a contraction in a business cycle.
  14. 23. Attempts by governments or government agencies to financially stimulate an economy
  15. 24. hands off type of government role
  16. 29. the difference between the market value of assets and the market consistent value of liabilities.
  17. 30. benefits the government gives to the people
  18. 31. ex. North Korea
  19. 33. hands off-government; Australian, favored supply-side economics
  20. 34. only one company exerts control over most of a market
  21. 36. Currency that a government has declared to be legal tender, but is not backed by a physical commodity.
  22. 39. World Trade Organization
  23. 41. a low turning point or a local minimum of a business cycle.
  24. 42. a situation when the price charged is less than the equilibrium price determined by market forces of demand and supply.
  25. 43. general increase in prices and fall in the purchasing value of money