Economic Concepts 3

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