Across
- 1. A benefit given by the government to groups or individuals in the form of cash payment or tax reduction
- 5. Amount by which assets exceed liabilities
- 11. The highest point at the end of the expansion in the business cycle
- 12. The lowest amount that employers may legally pay to workers
- 13. When the demand for a product or service exceeds its supply in a market
- 15. A measure of the total output of a country that divides the number of people by the GDP
- 17. An individual retirement plan
- 19. Abstention by governments from interfering in the workings of the free market
- 24. An increase in the value of one currency in terms of another
- 25. Short for North American Free Trade Agreement
- 26. The level of employment rates wherer there is no cyclical or deficient-demand unemployment
- 28. Measures the weighted average of prices of consumer goods and services
- 30. An economic system where few restrictions are placed on businesses by the government
- 33. A situation when the price charged is less than the equilibrium price
- 34. The American economist who believed in free-market capitalism
- 36. Currency that is converted into fixed amounts of gold
- 37. Production and distribution is privately owned
- 38. GDP
- 39. Production and the distribution of goods is owned by the citizens
- 40. Currency that a government has declared to be legal tender
- 42. The founding father of modern economics
- 43. A market structure in which a small number of firms has the large majority of market share
- 45. Countries that specialize in producing goods
- 46. Was created by the central bank
- 47. An examination of the benefits of an activity campared to the costs of that activity
- 48. The British economist who developed Keynesian economics
- 49. To produce a greater quantity of a good or product
Down
- 2. The usefulness of a good
- 3. Unrestricted sale of goods and services.
- 4. The ratio between the output production and the input production
- 6. An economic measure of a negative balance of trade in which a country's imports exceeds its exports
- 7. Examples are Social Security and Medicare
- 8. The political philosopher who defended free-market capitalism
- 9. A situation when the price charged is more than the equilibrium price
- 10. Short for World Trade Organization
- 14. Account used to set aside funds for an emergency
- 16. The turning point in the business cycle
- 18. The FRS
- 20. All production is owned and controlled by the government
- 21. A situation in which income exceeds expenditures
- 22. A sustained increase in the general price level of goods and services in an economy over a period of time
- 23. The policy of restraining trade between states
- 27. A decline in economic activity in the business cycle
- 29. Indicate the direction of an economy
- 31. The means of how the government adjusts its spending levels and tax rates
- 32. A market structure characterized by a single seller who sells a unique product
- 35. The amount of an asset or resource that exceeds the portion that is utilized
- 41. The trough to the peak in the business cycle
- 44. The state of being scarce or in short supply of