Across
- 1. The total value of all goods and services produced in a given year
- 3. ______ unemployment; Caused by economic downturns
- 8. Generally accepted means of payment
- 11. _____ markets; Illegal markets that arise when price controls are in place
- 12. Money _____; When people interpret nominal changes in wages or prices as real changes
- 16. _______ sheet; Accounting statement that summarizes a firm’s key financial information
- 19. Product _______; Process firms use to make a product more attractive to potential customers
- 20. When many depositors attempt to withdraw their funds from a bank at the same time
- 21. Private spending on the tools, plant, and equipment used to produce future output
- 22. Convey information about the profitability of a market
- 24. ______ fixed; Costs that are unavoidable; don't vary with output in the short run
- 25. Commodity- _______ money; Money you can exchange for a commodity at a fixed rate
- 26. GDP is an ______
- 28. ____ GDP: Found by adjusted GDP for changes in prices
- 30. ________ unemployment; Caused by changes in the industrial makeup of the economy
- 31. Financial obligations a firm owes to others
- 35. ______ banks; Where most people have their checking and savings accounts
- 36. _______ banks; Most commonly help firms raise money to invest
- 37. "allow to do"
- 41. Market ____; The way firms in a particular market are interconnected
- 43. _______ destruction; Introduction of new products and technologies leads to the end of other industries and jobs
- 46. The increase in cost that results from producing one more unit of input
- 50. Goods and services produced abroad and purchased/used domestically
- 51. The additional revenue gained by selling one more unit of output
- 56. Restrictions that make it difficult for new firms to enter the market
- 57. _____ costs; The opportunity costs of using already owned resources for one purpose rather than another
- 58. Total revenue<total cost
- 61. _____ costs; Costs that change with the rate of output
- 64. Total revenue>total cost
- 67. _____ goods; Goods consumed over a long period of time
- 68. Exists when the number of firms is small and there are high barriers to entry
- 69. Economic _____; Where economic activity is increasing
- 71. _____inputs; Cannot be changed in the short run
- 74. Goods and services domestically produced and purchased/used abroad
- 75. ________ of wants; Each party happens to have what the other party desires
- 76. The trade of a good or service in the absence of a commonly accepted medium of exchange
- 78. _____ hazard; When a party that is protected from risk behaves differently from the way it would behave if it were fully exposed to the risk
- 80. People who are seeking work and are part of the work-eligible population
- 81. ________ profit; Total revenue-explicit costs
- 83. _______ costs; Resources that are wasted when people change their behavior to avoid holding money
- 84. Factors of ______; Inputs used in the production process; land, labor, and capital
- 85. Economic _____; Where economic activity is decreasing
Down
- 2. Purchase of final goods and services by households(excluding new housing)
- 4. Price _____; Legally established maximum price for a good or service
- 5. When overall prices fall
- 6. ______ spending; Borrowing money in order to spend it
- 7. _____ costs; Tangible, out of pocket expenses
- 9. ____ inputs; Can be changed quickly to increase or decrease output levels
- 10. Price ____; Legally established minimum price for a good or service
- 13. Lowest hourly wage rates that firms may pay their workers
- 14. Financial _________; Go-betweens for savers and investors by taking in deposits and extending loans
- 15. All the people above the age of 16 looking for a job
- 17. Items a firm owns
- 18. Unemployment ________; guarantees that unemployed workers receive a percentage of their former income while unemployed
- 23. A cohesive way of thinking
- 27. Single seller who supplies the entire market
- 29. Price ____; Index of the average prices of goods and services throughout the economy
- 32. _______ GDP; GDP per person
- 33. _______ deposits; deposits in bank accounts from which depositors may make withdrawals by writing checks
- 34. Change in output associated with one additional unit of an input
- 38. The growth in the overall level of prices in an economy
- 39. _____ goods; Goods consumed over a short period of time
- 40. ______ bank; bank for the banks
- 42. Occurs when resources are used to secure monopoly rights through the political process
- 44. A short term economic downturn
- 45. _______ money; Involves the use of an actual good for money
- 47. ______ costs; costs of changing prices
- 48. ______ unemployment; Caused by time lags in matching available jobs and workers
- 49. _____ money; Money with no value except as the medium of exchange
- 52. ______ total cost; The total cost of producing a particular amount of output, divided by the quantity produced
- 53. _____ GDP; GDP measured in current prices and not adjusted for inflation
- 54. ____ goods; Goods sold to final users or consumers
- 55. A firm's ability to influence the price of a good or service
- 59. ________ profit; Total revenue-(explicit costs+implicit costs
- 60. How easily something can be spent
- 62. The portion of bank deposits that are set aside and not loaned out
- 63. Measure of price level based on the consumption patterns of a typical consumer
- 65. Outputs that provide benefits without producing tangible product
- 66. _______spending; Includes spending by all levels of government on final goods and services
- 70. _____ monopoly; Occurs when a single large firm has lower costs than any potential competitor
- 72. ______ goods; Hidden, uncounted transactions
- 73. Total exports-total imports
- 77. Paper bills and coins used to buy goods and services
- 79. The good or service that the firm produces
- 82. Tangible outputs