Economic Concepts

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