Across
- 2. Competition A market structure in which a large number of small firms sell similar products, buyers and sellers have good information, and businesses can be easily opened or closed.
- 3. The point at which quantity demanded equals quantity supplied.
- 5. Government bonds issued in relatively small denominations.
- 8. A graph showing the quantity of a good or service that businesses will make available at various prices.
- 11. The government’s use of taxation and spending to affect the economy.
- 14. The subarea of economics that focuses on individual parts of the economy such as households or firms.
- 15. A cooperative agreement between business firms; sometimes called a strategic partnership.
- 16. Inflation that occurs when the demand for goods and services is greater than the supply.
- 17. Unemployment that occurs during specific seasons in certain industries.
- 19. The movement of inputs and outputs among households, businesses, and governments; a way of showing how the sectors of the economy interact.
- 21. The use of monetary policy by the Fed to tighten the money supply by selling government securities or raising interest rates.
- 22. The combination of policies, laws, and choices made by a nation’s government to establish the systems that determine what goods and services are produced and how they are allocated.
- 25. A market structure in which many firms offer products that are close substitutes and in which entry is relatively easy.
- 27. The accumulated total of all of the federal government’s annual budget deficits.
- 28. The quantity of a good or service that businesses will make available at various prices.
- 30. The condition that occurs when the federal government spends more for programs than it collects in taxes.
- 32. A market structure in which a single firm accounts for all industry sales and in which there are barriers to entry.
- 33. Inflation that occurs when increases in production costs push up the prices of final goods and services.
- 34. The practice of building, maintaining, and enhancing interactions with customers and other parties to develop long-term satisfaction through mutually beneficial partnerships.
- 37. The situation that occurs when government spending replaces spending by the private sector.
- 38. (PPI) An index of the prices paid by producers and wholesalers for commodities such as raw materials, partially finished goods, and finished products.
- 39. Factors, such as technological or legal conditions, that prevent new firms from competing equally with an existing firm.
- 40. The percentage of the total labor force that is not working, but is actively looking for work.
- 41. The condition when all people who want to work and can work have jobs.
- 42. The value of what money can buy.
Down
- 1. A graph showing the quantity of a good or service that people are willing to buy at various prices.
- 4. Upward and downward changes in the level of economic activity.
- 6. Unemployment that is caused by a mismatch between available jobs and the skills of available workers in an industry or region; not related to the business cycle.
- 7. The use of monetary policy by the Fed to increase the growth of the money supply.
- 9. The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products.
- 10. A government’s programs for controlling the amount of money circulating in the economy and interest rates.
- 12. Unemployment that occurs when a downturn in the business cycle reduces the demand for labor throughout the economy.
- 13. The study of how a society uses scarce resources to produce and distribute goods and services.
- 18. Short-term unemployment that is not related to the business cycle.
- 20. A decline in GDP that lasts for at least two consecutive quarters.
- 23. The quantity of a good or service that people are willing to buy at various prices.
- 24. (The Fed) The central banking system of the United States.
- 26. A market structure in which a few firms produce most or all of the output and in which large capital requirements or other factors limit the number of firms.
- 29. (CPI) An index of the prices of a “market- basket” of goods and services purchased by typical urban consumers.
- 31. An increase in a nation’s output of goods and services.
- 35. The situation in which the average of all prices of goods and services is rising.
- 36. The number of suppliers in a market.