Across
- 4. Term used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
- 6. enterprise An economic system where few restrictions are placed on business activities and ownership.
- 7. An amount of something left over when requirements have been met; an excess of production or supply over demand.
- 10. A state of limited competition, in which a market is shared by a small number of producers or sellers.
- 13. policy The macroeconomic policy laid down by the central bank. It involves management of money supply and interest rate and is the demand side economic policy used by the government of a country to achieve macroeconomic objectives like inflation, consumption, growth and liquidity.
- 14. policy The means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
- 16. An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
- 17. faire A policy or attitude of letting things take their own course, without interfering.
- 18. Used to identify federal programs that, like Social Security and Medicare, got the name because workers became "entitled" to their benefits by paying into the system.
- 20. The state of being scarce or in short supply; shortage
- 22. ceiling A situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply.
- 23. The exclusive possession or control of the supply or trade in a commodity or service.
- 24. A state or situation in which something needed cannot be obtained in sufficient amounts.
Down
- 1. floor A situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply.
- 2. A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction.
- 3. analysis An examination of the additional benefits of an activity compared to the additional costs of that activity.
- 5. A general increase in prices and fall in the purchasing value of money.
- 8. A political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
- 9. An economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.
- 11. An economic measure of output per unit of input.
- 12. Attempts by governments or government agencies to financially stimulate an economy.
- 15. employment The condition in which virtually all who are able and willing to work are employed.
- 19. wage The lowest wage permitted by law or by a special agreement (such as one with a labor union).
- 21. price index An index of the variation in prices paid by typical consumers for retail goods and other items.
- 25. domestic product The total value of goods produced and services provided in a country during one year.