Economic Concepts

Edit Answers
1234567891011121314151617181920212223
Across
  1. 2. period of two or more consecutive fiscal quarters of decreasing GDP
  2. 3. global coalition among many countries; headquartered in Geneva, Switzerland
  3. 5. trade alliance among 28 European nations; encourages free trade among
  4. 6. French word for 'leave alone'; economic concept opposing governmental! involvement in commerce beyond what is necessary to keep an economic system running on its laws; associated with a free enterprise system
  5. 7. Advantage occurs when a country is able to produce a product more efficiently and at a lower cost than another country
  6. 11. State in which countries depend on each other for certain goods or services which they cannot produce efficiently for themselves; international trade
  7. 15. goods and services sold to other countries
  8. 17. period of the business cycle in which there is increasing economic activity
  9. 18. fluctuations in economic activity over time; constitutes production rising then falling in a long cycle of expansion and contraction
  10. 19. period of business cycle in which economic activity is at its highest
  11. 21. period of the business cycle with the lowest economic activity
  12. 23. occurs when ,a country possesses unique resources or capabilities allowing for the lowest cost of production for a product
Down
  1. 1. trade agreement among Canada, the United States and Mexico; mission to diminish all trade
  2. 4. measure of the number of people without jobs
  3. 8. Tariff tariff which supplies revenue for a country
  4. 9. limits the quantity or monetary value of an import; controls the level of an import
  5. 10. Tariff tariff which increases price on imports to protect domestic products
  6. 12. complete ban on certain products coming in or leaving the country; usually put in place for political reasons
  7. 13. period of the business cycle in which there is decreasing economic activity
  8. 14. measure of the change in the prices of wholesale goods; used to measure inflation; formerly known as the wholesale price index
  9. 16. goods and services purchased from other countries
  10. 20. period of two or more consecutive fiscal quarters of increasing GDP
  11. 22. tax on imports