Economics Crossword

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Across
  1. 6. A medium of exchange whose value derives entirely from its official status as a means of payment.
  2. 7. A medium of exchange with no intrinsic value whose ultimate value is guaranteed by a promise that it can be converted into valuable goods.
  3. 8. This shows the relationship between the aggregate price level and the quantity of aggregate output supplied that would exist if all prices, including nominal wages, were fully flexible.
  4. 11. When aggregate output is below potential output.
  5. 12. A good used as a medium of exchange that has intrinsic value in other uses
  6. 14. refers to the way in which the individual pursuit of self interest can lead to good results for society as a whole.
  7. 18. Any asset that can easily be used to purchase goods and services
  8. 21. Nominal wages that are slow to fall even in the face of high unemployment and slow to rise even in the face of labor shortages.
  9. 22. The total value of financial assets in the economy that are considered money.
  10. 23. The social science that studies the production, distribution, and consumption of goods and services.
  11. 24. Government debt held by individuals and institutions outside the government.
Down
  1. 1. Government spending and taxation rules that cause fiscal policy to be automatically expansionary when the economy contracts and automatically contractionary when the economy expands.
  2. 2. The level of real GDP the economy would produce if all prices, including nominal wages, were fully flexible
  3. 3. When aggregate output is above potential output.
  4. 4. are rules set by the Federal Reserve that determine the minimum reserve ratio for banks
  5. 5. not enough of the resources are available to satisfy all the various ways a society wants to use them.
  6. 9. Fiscal policy that reduces aggregate demand.
  7. 10. The combination of inflation and falling aggregate output.
  8. 13. An economy in which decisions about production and consumption are made by individual producers and consumers.
  9. 15. Fiscal policy that increases aggregate demand.
  10. 16. An event that shifts the short-run aggregate supply curve is a ___________
  11. 17. An event that shifts the aggregate demand curve is a ______________.
  12. 19. anything that offers rewards to people who change their behavior.
  13. 20. A phenomenon in which many of a bank’s depositors try to withdraw their funds due to fears of a bank failure.