Economics

3. Goods that are rival but non-excludable (ex: fish in the ocean).
4. The total value of final goods and services produced in a country in one year.
5. Taxes on imported goods.
6. Tax where the percentage paid increases as income increases.
9. GDP measured using constant prices, adjusted for inflation.
10. Externality that causes harm
13. Tax where the percentage paid decreases as income increases.
14. Measures the average change in prices of a market basket of goods over time.
15. Tax where the same percentage is paid at all income levels.
16. The lowest point of economic activity before recovery starts.
17. A good where one person’s use reduces availability for others.
20. A good that is rival and excludable (ex: food, clothes).
22. A required payment to the government to fund public services.
25. Unemployment caused by people temporarily searching for jobs.
26. A period when GDP and economic activity decline.
27. Externality that creates benefits
28. A period of the business cycle when GDP, employment, and production increase.
29. A good that people cannot be prevented from using.

1. When workers are overqualified or working fewer hours than they want.
2. GDP measured using current prices in the year goods and services are produced.
7. A side effect of production or consumption that affects others.
8. Goods that are non-rival but excludable (ex: streaming services).
11. A good that can be withheld from people who do not pay.
12. Unemployment that rises during economic downturns.
18. A general increase in prices across an economy over time.
19. Unemployment caused by a mismatch between workers’ skills and job requirements.
20. A good that is non-rival and non-excludable (ex: national defense).
21. The condition where limited resources must meet unlimited wants.
23. Unemployment caused by seasonal changes in demand for labor.
24. The highest point of economic activity before a contraction begins.
30. A good that can be used by many people at the same time without reducing use.