Economic Concepts #3

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