Across
- 4. Cycle - The fluctuating levels of economic activity that an economy experiences over time, typically consisting of expansion and contraction phases.
- 5. of Payments - A statement that summarizes a country's economic transactions with the rest of the world, including trade, investment, and remittances.
- 6. - The fundamental economic problem of having limited resources to meet unlimited wants and needs.
- 10. - A period of temporary economic decline during which trade and industrial activity are reduced, typically identified by two consecutive quarters of negative GDP growth.
- 12. - Financial assets or resources that can be used to produce goods and services, including machinery, tools, and buildings.
- 14. Failure - A situation where the allocation of goods and services by a free market is not efficient, often leading to negative externalities.
- 17. - The total amount of a product or service that producers are willing and able to sell at various prices.
- 18. Floor - A government-imposed minimum price that can be charged for a product, intended to protect producers.
- 21. Economics - The branch of economics that evaluates the economic well-being and distribution of resources among individuals in a society.
- 22. Policy - The process by which a country's central bank controls the money supply and interest rates to influence economic activity.
- 25. Equilibrium - The point where the quantity of a good supplied equals the quantity demanded, resulting in a stable market price.
- 26. Rate - The percentage of the labor force that is unemployed and actively seeking employment.
- 29. Balance - The difference between the value of a country's exports and imports, indicating whether it has a trade surplus or deficit.
- 30. - The rate at which the general level of prices for goods and services rises, eroding purchasing power.
Down
- 1. - A measure of how much the quantity demanded or supplied of a good responds to changes in price or income.
- 2. Domestic Product (GDP) - The total monetary value of all finished goods and services produced within a country's borders in a specific time frame.
- 3. - The action or process of allocating resources, usually money, with the expectation of generating an income or profit.
- 7. Ceiling - A government-imposed limit on how high a price can be charged for a product, aimed at protecting consumers.
- 8. Policy - Government policies regarding taxation and spending to influence the economy, often aimed at promoting growth and stability.
- 9. Goods - Goods that are both excludable and rivalrous, meaning consumption by one person reduces availability for others.
- 11. - The branch of economics that studies individual agents and markets, focusing on the behaviors of consumers and firms.
- 13. Price Index (CPI) - An index measuring the average change over time in the prices paid by consumers for a basket of goods and services.
- 15. Cost - The value of the next best alternative that is forgone when a choice is made, representing the benefits missed.
- 16. - Costs or benefits incurred by third parties who are not involved in a transaction, impacting overall economic efficiency.
- 19. Rate - The amount charged by lenders to borrowers for the use of money, expressed as a percentage of the principal.
- 20. Growth - An increase in the production of goods and services in an economy over time, typically measured by GDP growth.
- 23. - The quantity of a product or service that consumers are willing and able to purchase at different prices.
- 24. - A basic good used in commerce that is interchangeable with other goods of the same type, often traded on markets.
- 27. Goods - Goods that are non-excludable and non-rivalrous, meaning they can be consumed by everyone without diminishing availability.
- 28. Force - The total number of people eligible and willing to work, including both employed and unemployed individuals.