Economic Concepts

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