ECON Chapter 2 Vocabulary Part 2

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Across
  1. 2. An organized group of individuals or organizations that work to influence government policy and economic decisions to benefit specific interests.
  2. 3. A good or service that is available for everyone to use, such as national defense or public parks, and is typically provided by the government due to its non-excludable and non-rivalrous nature.
  3. 4. (GDP) The total value of all goods and services produced within a country in a given period, used as a measure of economic performance.
  4. 7. An economic side effect or consequence of a transaction that affects a third party, either positively or negatively, such as pollution (negative externality) or education (positive externality).
  5. 13. The branch of economics that focuses on individual markets, consumer behavior, and decision-making by households and businesses.
  6. 14. The periodic fluctuations in economic activity over time, including phases of growth (expansion), peak, contraction (recession), and trough.
  7. 15. An economic system combining elements of both market and planned economies, allowing both government and private sector involvement in economic decision-making and resource allocation.
  8. 16. The process through which a country or region shifts from one economic system to another, such as moving from a centrally planned economy to a market-based economy.
Down
  1. 1. The part of the economy that is controlled or funded by the government, including services like education, healthcare, and public safety.
  2. 3. A legal right granted to an inventor to exclusively produce, use, and sell their invention for a certain period, encouraging innovation by protecting inventors’ interests.
  3. 5. The principle that everyone should have the chance to pursue success through their own efforts, creating a competitive environment where businesses and individuals can thrive.
  4. 6. A situation in which the free market fails to allocate resources efficiently, resulting in negative outcomes for society, like pollution or monopolies.
  5. 8. The part of the economy that is operated by private individuals and businesses, focusing on profit generation and market-driven activity.
  6. 9. The branch of economics that studies the overall functioning and performance of an economy, including national income, total employment, inflation, and economic growth.
  7. 10. Government programs that provide financial or other assistance to individuals in need, aimed at improving quality of life and reducing economic inequality.
  8. 11. The desire for financial gain that drives individuals and businesses to create goods, provide services, and innovate.
  9. 12. A legal protection for creators of original works, such as books, music, and films, granting them exclusive rights to use and distribute their work.