Across
- 5. an amount of something left over when requirements have been met
- 8. American economist and statistician best known for his strong belief in free-market capitalism.
- 9. a long, narrow open container for animals to eat or drink out of
- 14. the theory or practice of shielding a country's domestic industries from foreign competition by taxing imports
- 16. an account that is used to set aside funds to be used in an emergency
- 17. the system by which the value of a currency was defined in terms of gold, for which the currency could be exchanged
- 18. 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
- 21. the total value of goods produced and services provided in a country during one year
- 25. an examination of the additional benefits of an activity compared to the additional costs of that activity
- 28. used by the government of a country to achieve macroeconomic objectives like inflation, consumption, growth and liquidity
- 30. an author and economist who is well-known for his stance that national governments should attempt to smooth out the effects of expansion and contraction in the business cycle by using fiscal and monetary policy
- 31. an increase in the value of one currency in terms of another
- 32. a period of temporary economic decline during which trade and industrial activity are reduced
- 35. the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group
- 37. an individual retirement account allowing a person to set aside after-tax income up to a specified amount each year
- 38. the state or quality of producing something
- 39. a formal authorization or proposition
- 40. For an individual, it represents the properties owned, less any debt the person has. For a company, net worth is the value of the company.
- 43. a thing that rouses activity or energy in someone or something
- 44. a measure of average income per person in a country.
- 46. a state or situation in which something needed cannot be obtained in sufficient amounts.
- 47. international trade left to its natural course without tariffs, quotas, or other restrictions
- 49. the action of becoming larger or more extensive
Down
- 1. the lowest wage permitted by law or by a special agreement
- 2. an economic system in which private business operates in competition and largely free of state control.
- 3. a general increase in prices and fall in the purchasing value of money
- 4. an index of the variation in prices paid by typical consumers for retail goods and other items
- 6. the state of being useful, profitable, or beneficial
- 7. a situation in which income exceeds expenditures
- 10. Modern capitalism owes its roots to Adam Smith and his Wealth of Nations, which many consider the single most important economic work in history.
- 11. the use of government spending and taxation to influence the economy
- 12. 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.
- 13. the exclusive possession or control of the supply or trade in a commodity or service.
- 15. the state of being scarce or in short supply
- 19. a policy or attitude of letting things take their own course
- 20. the central bank of the United States. It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system
- 22. 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
- 23. the condition in which virtually all who are able and willing to work are employed
- 24. a state of limited competition, in which a market is shared by a small number of producers or sellers
- 26. a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
- 27. Series of statistical figures, such as the consumer price index or the gross domestic product, used by economists to predict future economic activity
- 29. the amount by which the cost of a country's imports exceeds the value of its exports
- 33. the pointed top of a mountain
- 34. well-known for his numerous contributions in the field of economics and political philosophy.
- 36. the amount to which a person has a right
- 41. is the only global international organization dealing with the rules of trade between nations
- 42. a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply
- 45. a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply
- 46. a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive
- 48. is an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries