Across
- 2. The process whereby a firm turns economic inputs like labor, machinery, and raw materials into outputs like goods and services that consumers use
- 4. The value of what is produced per worker, or per hour worked (sometimes called worker productivity)
- 8. Short-lived good like food and clothing
- 13. During the business cycle, the highest point of output before a recession begins
- 16. Long-lasting good like a car or a refrigerator
- 17. Exists when a nation's exports exceed its imports and it calculates them as exports – imports
- 19. A significant decline in national output
- 21. The process of enacting laws that protect individual and entity rights to use their property as they see fit. Laws must be clear, public, fair, and enforced, and applicable to all members of society
- 23. A combination of invention—advances in knowledge—and innovation
- 24. Product which is intangible (in contrast to goods) such as entertainment, healthcare, or education
- 27. The process by which capital ages over time and therefore loses its value
- 29. Pattern in which economies with low per capita incomes grow faster than economies with high per capita incomes
- 30. A potential mistake to avoid in measuring GDP, in which output is counted more than once as it travels through the stages of production
- 34. The period of rapid economic growth from 1870 onward
- 37. Exists when a nation's imports exceed its exports and it calculates them as imports –exports
- 38. The economic statistic actually announced at that time, not adjusted for inflation; contrast with real value
- 39. Output provided to other businesses at an intermediate stage of production, not for final users; contrast with “final good and service”
- 40. The economy's relatively short-term movement in and out of recession
- 41. A component of physical capital such as roads and rail systems
- 42. Includes all income earned: wages, profits, rent, and profit income
- 43. GNP minus depreciation
- 44. The widespread use of power-driven machinery and the economic and social changes that occurred in the first half of the 1800s
Down
- 1. The rights of individuals to enter into agreements with others regarding the use of their property providing recourse through the legal system in the event of noncompliance
- 3. The rate of growth when multiplied by a base that includes past GDP growth
- 5. All elements that affect people’s happiness, whether people buy or sell these elements in the market or not
- 6. The plant and equipment that firms use in production; this includes infrastructure
- 7. Output used directly for consumption, investment, government, and trade purposes; contrast with “intermediate good”
- 9. An economic statistic after it has been adjusted for inflation; contrast with nominal value
- 10. GDP divided by the population
- 11. The value of the output of all final goods and services produced within a country in a year
- 12. An increase by society in the average level of physical and/or human capital per person
- 14. Includes what is produced domestically and what is produced by domestic labor and business abroad in a year
- 15. Area of a country, usually with access to a port where, among other benefits, the government does not tax trade
- 18. The price of one currency in terms of another currency
- 20. The process whereby an economy as a whole turns economic inputs such as human capital, physical capital, and technology into output measured as GDP per capita
- 22. Advances in knowledge
- 25. During the business cycle, the lowest point of output in a recession, before a recovery
- 26. Building used as residence, factory, office building, retail store, or for other purposes
- 28. Good that has been produced, but not yet been sold
- 31. Putting advances in knowledge to use in a new product or service
- 32. Gap between exports and imports
- 33. All the ways in which existing inputs produce more or higher quality, as well as different and altogether new products
- 35. An especially lengthy and deep decline in output
- 36. The accumulated skills and education of workers