Economics Final Vocabulary

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Across
  1. 2. value of one currency for the purpose of conversion to another.
  2. 8. type of health insurance plan that offers a network of healthcare providers to choose from.
  3. 9. Model of the economy illustrating the flow of goods, services, and money between households and firms.
  4. 11. Resources are limited while wants are unlimited, leading to the fundamental economic problem of scarcity.
  5. 12. type of health insurance plan that requires patients to select a primary care physician and get referrals for specialists.
  6. 13. Tax imposed on the sale of goods and services.
  7. 15. Unemployment linked to seasonal work patterns.
  8. 17. Measures the responsiveness of one economic variable to a change in another.
  9. 18. ype of health insurance plan with higher deductibles and lower premiums compared to traditional plans.
  10. 22. Percentage of the total labor force that is unemployed and actively seeking employment
  11. 23. Tax where the tax rate is fixed, regardless of income
  12. 24. When a country can produce a good more efficiently than another country.
  13. 25. tax levied on real estate by the government.
Down
  1. 1. When a country can produce a good at a lower opportunity cost than another country.
  2. 3. Temporary unemployment experienced by people changing jobs.
  3. 4. Unemployment that results from fluctuations in the business cycle.
  4. 5. Tax that takes a larger percentage of income from high-income earners than from low-income earners.
  5. 6. Total monetary value of all finished goods and services produced within a country's borders in a specific time period.
  6. 7. Measures changes in the price level of a weighted average market basket of consumer goods and services.
  7. 10. Tax on imported goods, designed to protect domestic industries from foreign competition.
  8. 14. tax imposed on individuals or entities based on their income or profits
  9. 16. unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
  10. 19. The value of the next best alternative forgone when a choice is made.
  11. 20. The process of designing, launching, and running a new business, often initially a small business
  12. 21. Tax that takes a larger percentage of income from low-income earners than from high-income earners.