Across
- 5. Difference between actual level of GDP and the productive potential of an economy.
- 7. Output per unit of input employed.
- 9. The sector of the economy that produces services.
- 11. The abbreviation of income elasticity of demand.
- 12. A period when there is a particulary deep and long fall in output.
- 13. Medium of exchange by swapping one good for another.
- 14. Idea that we should create “the greatest happiness of the greatest number”.
- 17. The chart that shows quantity demanded or supplied at various prices.
- 18. Supply curves are _____ sloping.
- 20. Specialization of workers
- 21. Type of economic model with time as a variable.
- 22. Shape of the PPF because not all resources are as productive for various uses.
- 23. Type of unemployment when there is insufficient demand in the economy
- 24. Price where there is neither excess demand nor excess supply.
- 31. Fish stocks or forests
- 32. A special type of inferior good where demand increases when price increases.
- 33. A measure of the price level in an economy.
Down
- 1. Values unadjusted for the effects of inflation
- 2. Inflation caused by increases in the cost of production in the economy.
- 3. Type of factor of production.
- 4. Type of demand when a good is demanded for two or more distinct uses.
- 6. Latin for “all things being equal”.
- 8. The benefits forgone of the next best alternative.
- 10. Another word for surplus.
- 15. Method of making a theory, testing it and coming to a conclusion.
- 16. Unemployment that is short and in-between jobs.
- 19. This type of good is provided by the government because it is not provided by market mechanism.
- 21. When the demand of one good is the result of the demand for another good.
- 25. Goods which are scarce because their use has an economic cost.
- 26. Spending which is not generated by households in the circular flow of income.
- 27. One of the actors of an economic system.
- 28. Small rises in the price level over a long period of time.
- 29. When the responsiveness of quantity is proportionally greater than the change in price.
- 30. Economic activity which goes unreported to tax authorities.