Across
- 2. a graph of the relationship between the price of a good and the quantity demanded
- 5. a situation in which a market left on its own fails to allocate resources efficiently
- 6. spending on capital equipment, inventories, and structures, including household purchases of new housing
- 7. a worker association that bargains with employers over wages, benefits, and working conditions
- 10. the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
- 12. a situation in which quantity demanded is greater than quantity supplied
- 15. the percentage change in the price index from the preceding period
- 16. spending by households on goods and services, with the exception of purchases of new housing
- 17. the production of goods and services valued at constant prices
- 19. fluctuations in economic activity, such as employment and production
- 20. the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
- 21. the organized withdrawal of labor from a firm by a union
- 22. the limited nature of society’s resources
- 23. a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
- 24. the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
- 26. a good for which, other things equal, an increase in income leads to an increase in demand
- 28. the quantity supplied and the quantity demanded at the equilibrium price
- 30. claims that attempt to describe the world as it is
- 31. the total number of workers, including both the employed and the unemployed
- 34. society’s understanding of the best ways to produce goods and services
- 38. two goods for which an increase in the price of one leads to a decrease in the demand for the other
- 39. the deviation of unemployment from its natural rate
- 40. unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
- 42. the process by which unions and firms agree on the terms of employment
- 44. a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
- 47. a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology
- 53. the amount of a good that sellers are willing and able to sell
- 55. the uncompensated impact of one person’s actions on the well-being of a bystander
- 56. the ability to produce a good at a lower opportunity cost than another producer
- 57. the study of how households and firms make decisions and how they interact in markets
- 61. the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich
- 62. the process by which workers find appropriate jobs given their tastes and skills
- 63. the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
- 64. a visual model of the economy that shows how dollars flow through markets among households and firms
- 66. a good for which, other things equal, an increase in income leads to a decrease in demand
- 67. a government program that partially protects workers’ incomes when they become unemployed
- 68. an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
- 69. something that induces a person to act
- 70. the interest rate corrected for the effects of inflation
- 71. the ability to produce a good using fewer inputs than another producer
- 72. a graph of the relationship between the price of a good and the quantity supplied
- 73. claims that attempt to prescribe how the world should be
Down
- 1. the ability of an individual to own and exercise control over scarce resources
- 2. a table that shows the relationship between the price of a good and the quantity demanded
- 3. the automatic correction by law or contract of a dollar amount for the effects of inflation
- 4. two goods for which an increase in the price of one leads to an increase in the demand for the other
- 8. gdp the production of goods and services valued at current prices
- 9. the study of how society manages its scarce resources
- 11. goods produced abroad and sold domestically
- 13. a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100
- 14. the knowledge and skills that workers acquire through education, training, and experience
- 15. an increase in the overall level of prices in the economy
- 18. the property of distributing economic prosperity uniformly among the members of society
- 24. the percentage of the adult population that is in the labor force
- 25. the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases
- 27. the market value of all final goods and services produced within a country in a given period of time
- 29. spending on goods and services by local, state, and federal governments
- 32. whatever must be given up to obtain some item
- 33. the price that balances quantity supplied and quantity demanded
- 35. the amount of a good that buyers are willing and able to purchase
- 36. the percentage of the labor force that is unemployed
- 37. a table that shows the relationship between the price of a good and the quantity supplied
- 41. a situation in which quantity supplied is greater than quantity demanded
- 43. the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits
- 45. a measure of the cost of a basket of goods and services bought by firms
- 46. individuals who would like to work but have given up looking for a job
- 48. the normal rate of unemployment around which the unemployment rate fluctuates
- 49. unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
- 50. the interest rate as usually reported without a correction for the effects of inflation
- 51. the stock of equipment and structures that are used to produce goods and services
- 52. above- equilibrium wages paid by firms to increase worker productivity
- 54. a measure of the overall cost of the goods and services bought by a typical consumer
- 57. the study of economy-wide phenomena, including inflation, unemployment, and economic growth
- 58. the quantity of goods and services produced from each unit of labor input
- 59. small incremental adjustments to a plan of action
- 60. people who systematically and purposefully do the best they can to achieve their objectives
- 65. a group of buyers and sellers of a particular good or service