Across
- 3. a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters
- 4. a situation in which income exceeds expenditures
- 8. the only global international organization dealing with the rules of trade between nations
- 10. international trade left to its natural course without tariffs, quotas, or other restrictions
- 11. an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy
- 13. an account where you set aside funds to be used for unexpected expenses
- 16. the system by which the value of a currency was defined in terms of gold, for which the currency could be exchanged. The gold standard was generally abandoned in the Depression of the 1930s
- 17. the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity
- 20. the highest point between the end of an economic expansion and the start of a contraction in a business cycle
- 21. the central bank of the United States
- 22. a low turning point or a local minimum of a business cycle
- 23. the amount by which the cost of a country's imports exceeds the value of its exports
- 25. Series of statistical figures, such as the consumer price index or the gross domestic product, used by economists to predict future economic activity
Down
- 1. the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group
- 2. the theory or practice of shielding a country's domestic industries from foreign competition by taxing imports
- 5. an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries
- 6. an Austrian and British economist and philosopher best known for his defense of classical liberalism
- 7. an increase in the value of one currency in terms of another
- 9. an individual retirement account allowing a person to set aside after-tax income up to a specified amount each year
- 12. the phase of the business cycle when the economy moves from a trough to a peak
- 14. a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment
- 15. an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments
- 18. assets minus liabilities
- 19. a measure of average income per person in a country
- 24. a formal authorization or proposition; a decree