Across
- 5. describes demand that is not very sensitive to a change in price
- 9. the type of tax used in the United States
- 10. a formal contract to repay borrowed money with interest at fixed intervals
- 11. large farm leased from the state to groups of peasant farmers
- 12. the financial and opportunity costs consumers pay when searching for a good or service
- 13. the additional income from selling one more unit of a good
- 16. mediation with a legally binding decision
- 19. a tax on the production or sale of a good
- 21. a private organization that tries to persuade public officials to act or vote according to group members’ interests
- 22. common example of a price floor
- 23. factors that cause a producer’s average cost per unit to fall as output rises
- 24. the skills and knowledge gained by a worker through education and experience
- 25. limited quantities of resources to meet unlimited wants
- 26. the idea that every one dollar of government spending creates more than one dollar in economic activity
- 27. a factor that can change
- 32. spending category about which government planners can make choices
- 35. someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good
- 36. money and other valuables belonging to an individual or business
Down
- 1. taking tax payments out of an employee’s pay before he or she receives it
- 2. all the money available in the United States economy
- 3. market-based economic system with limited government involvement
- 4. a period of macroeconomic expansion followed by a period of contraction
- 6. paper currency issued during the Civil War
- 7. the theory that education increases productivity and results in higher wages
- 8. “all other things held constant”
- 14. a way to attract customers through style, service, or location, but not a lower price
- 15. any factor that makes it difficult for a new firm to enter a market
- 17. type of money used by the United States government
- 18. category of labor a teacher falls into
- 20. a graphic representation of a demand schedule
- 28. a market in which goods are sold illegally
- 29. very high inflation
- 30. the market in which households purchase the goods and services that firms produce
- 31. a twelve-month period that can begin on any date
- 33. the legally bound obligation to pay debts
- 34. a situation in which a good or service is unavailable