Across
- 7. the system by which the value of a currency was defined in terms of gold
- 10. 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
- 11. the amount by which the cost of a country's imports exceeds the value of its exports
- 12. an American economist and statistician best known for his strong belief in free-market capitalism
- 15. measures how efficiently production inputs
- 16. policy macroeconomic policy laid down by the central bank
- 18. allows business owners to measure the additional benefits of one production activity versus its costs
- 22. an increase in the value of one currency in terms of another
- 24. famous economist born in Vienna, Austria
- 26. only global international organization
- 29. advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
- 31. low supply
- 32. an economic system in which private business operates in competition and largely free of state control
- 34. also known as the "the Fed"
- 37. measure of average income per person in a country
- 39. currency that a government has declared to be legal tender, but is not backed by a physical commodity
- 40. top point on graph
- 42. use of monetary or fiscal policy changes to kick start a lagging or struggling economy
- 45. an index of the variation in prices paid by typical consumers for retail goods and other items
- 46. an individual retirement account
- 47. complete control over imdustry
- 49. increase of progress
Down
- 1. money granted to help an industry
- 2. policy means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy
- 3. smooth out the effects of expansion and contraction in the business cycle by using fiscal and monetary policy
- 4. broadest quantitative measure of a nation's total economic activity
- 5. mass production
- 6. an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries
- 8. a situation when the price charged is more than or less than the equilibrium price
- 9. the less amount of money allowed to get paid when working
- 10. a political theory derived from Karl Marx
- 13. measure of what an entity is worth
- 14. when the demand for a product or service exceeds its supply in a market
- 17. restraining trade between countries through methods such as tariffs on imported goods
- 19. ability to produce a better quality good using the same resources
- 20. known for Wealth of Nations
- 21. if countries specialise in producing goods where they have a lower opportunity cost
- 23. situation in which income exceeds expenditures
- 25. measurement of "useful-ness" that a consumer obtains from any good
- 27. international trade left to its natural course without tariffs, quotas, or other restrictions
- 28. an account that is used to set aside funds to be used in an emergency
- 30. hands off government
- 33. bottom point on graph
- 35. government program guaranteeing access to some benefit by members of a specific group and based on established rights or by legislation
- 36. used by economists to predict future economic activity
- 38. situation when the price charged is more than or less than the equilibrium price
- 41. everyone is eligible to work
- 43. decline of progress
- 44. resource that exceeds the portion that is utilized
- 48. a state of limited competition