Across
- 3. A low turning point or a local minimum of a business cycle. The time evolution of many variables of economics exhibit a wave like behavior with local maxima followed by local minima.
- 6. appreciation An increase in the value of one currency in terms of another.
- 7. Friedman American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy.
- 10. A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
- 13. advantage The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
- 15. advantage The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
- 20. reserve system Is the central banking system of the United States.
- 21. The phase of the business cycle when the economy moves from a trough to a peak.
- 23. per capita Is a measure of average income per person in a country.
- 24. IRA An individual retirement account allowing a person to set aside after-tax income up to a specified amount each year. Both earnings on the account and withdrawals after age 59½ are tax-free.
- 25. worth Is the total assets minus total outside liabilities of an individual or a company.
Down
- 1. Is the only global international organization dealing with the rules of trade between nations.
- 2. surplus Is most commonly used to refer to the financial situations of governments; individuals speak of "savings" rather than a "budget surplus." A surplus is considered a sign that government is being run efficiently.
- 4. indicators Series of statistical figures, such as the consumer price index or the gross domestic product, used by economists to predict future economic activity.
- 5. trade International trade left to its natural course without tariffs, quotas, or other restrictions.
- 8. The theory or practice of shielding a country's domestic industries from foreign competition by taxing imports.
- 9. Maynard Keynes English economist whose ideas fundamentally changed the theory and practice of modern macroeconomics and the economic policies of governments.
- 11. Is an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries.
- 12. A state in the economy in which the growth is slow, flat or declining
- 14. Hayek Austrian and British economist and philosopher best known for his defense of classical liberalism.
- 16. The highest point between the end of an economic expansion and the start of a contraction in a business cycle.
- 17. deficit The amount by which the cost of a country's imports exceeds the value of its exports.
- 18. fund An account that is used to set aside funds to be used in an emergency, such as the loss of a job, an illness or a major expense.
- 19. standard The system by which the value of a currency was defined in terms of gold, for which the currency could be exchanged. The gold standard was generally abandoned in the Depression of the 1930s.
- 22. Smith Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment.