Across
- 4. The value of all final goods and services produced within a country in a given year.
- 7. A significant decline in national output lasting a minimum of six months
- 9. Unemployment that occurs as workers move between jobs
- 11. A legal maximum price for a product is called a price ____________.
- 12. The change in the vertical axis divided by the change in the horizontal axis.
- 13. A good that has been produced, but not yet been sold
- 14. _________ costs that are made in the past and cannot be recovered.
- 16. An economics concept that measures responsiveness of one variable to changes in another variable
- 18. Government expenditures on public schools is classified as ________ policy.
- 19. Includes what is produced domestically and what is produced by domestic labor and business abroad in a year
- 22. The ability of someone (an entrepreneur) to recognize a profit opportunity, organize the other factors of production, and accept risk.
- 25. Situation where the quantity demanded in a market is greater than the quantity supplied.
- 26. Goods or services that are used together because the use of one enhances the use of the other
- 29. A branch of economics that focuses on the actions of individual agents within the economy, like households, workers, and businesses,
- 31. This policy is intended to boost business investment and consumer spending by injecting money into the economy.
- 33. _____________ efficiency is when the mix of goods being produced represents the mix that society most desires.
- 35. ___________ constraint are all possible consumption combinations of goods that someone can afford, given the prices of goods, when all income is spent.
- 37. A market in which there is a large number of buyers and sellers, so that no one can control the market price
- 39. Also referred to as human capital.
- 42. Means that there are never enough resources to satisfy all human wants.
- 43. Where price and quantity combination where supply equals demand
- 44. ___________ economy is where economic decisions are passed down from government authority and where resources are owned by the government
- 45. Assumption of ____________________ (aka theory of rational behavior)
Down
- 1. When workers or firms focus on particular tasks for which they are well suited within the overall production process
- 2. ________ goods are goods/services that a consumer can obtain for free because they are abundant relative to the demand
- 3. Trade _________ exists when a nation’s exports exceed its imports
- 5. Trade _______ exists when a nation’s imports exceed its exports.
- 6. Unemployment that occurs because individuals lack skills valued by employers
- 8. A good that lasts less than three years, such as food and clothing.
- 10. A ___________ slope is when x increases, y decreases, and when x decreases, y increases.
- 15. John Maynard Keynes pushed forward this branch of economics.
- 17. Good or service whose demand decreases when a consumer’s income increases and demand increases when income decreases
- 20. During the business cycle, the highest point of output before a recession begins.
- 21. A diagram that shows the productively efficient combinations of two products that an economy can produce given the resources it has available
- 23. A central bank regulation that sets the minimum amount of reserves that must be held by a commercial bank.
- 24. The policy adopted by the monetary authority of a nation to control either the interest rate or money supply.
- 27. What a buyer pays for a unit of the specific good or service
- 28. Goods or services that can be used in place of one another
- 30. A branch of economics that looks at the economy as a whole.
- 32. A legal minimum price for a product is a price __________.
- 34. _____________ study of the trade-offs and choices that we make, given the fact of scarcity.
- 36. The process by which capital ages and loses value
- 38. The sustained upward movement in the overall price level of goods and services in the economy
- 40. ________ value is an economic statistic measured using actual market prices
- 41. Something that would be nice to have, but it’s not absolutely necessary.