Economics Unit 1

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Across
  1. 2. point attempts to detect, as early as possible, the moment when the industrial trends are reversed
  2. 6. An economic system in which the government controls a country's economy.
  3. 8. Measures the number of people who are able to work, but do not have a job during a period of time.
  4. 10. A situation in which unlimited wants exceed the limited resources available to fulfill those wants
  5. 12. a market structure in which only a few sellers offer similar or identical products
  6. 15. The percentage at which the money loaned is returned with added percentage multiplied by original cost
  7. 18. A slowdown in a nation's economy
  8. 19. the pattern in which goods and services and resources flow in the marketplace
  9. 21. the study of the economic behavior decision-makingking of small units, such as individuals, families, and businesses
  10. 24. Consumer willingness and ability to buy products
  11. 25. a general increase in prices and fall in the purchasing value of money
  12. 26. A person who purchases goods and services for personal use
  13. 28. the struggle among producers for the dollars of consumers
  14. 29. economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets (market decides economic decisions)
  15. 31. A situation in which quantity supplied is greater than quantity demanded
  16. 32. A situation in which the quantity demanded is greater than quantity supplied
Down
  1. 1. Cost of the next best alternative use of money, time, or resources when one choice is made rather than another
  2. 3. The amount of goods available
  3. 4. goods and services are produced the way it has always been done
  4. 5. A period of economic growth as measured by a rise in real GDP
  5. 7. A market in which there are many buyers but only one seller.
  6. 9. the act of giving up one benefit in order to gain another, greater benefit
  7. 11. Gross Domestic Product- the total market value of all final goods and services produced annually in an economy
  8. 13. Land, Labor, and Capital; the three groups of resources that are used to make all goods and services
  9. 14. benefits or costs of an action that influence people's decisions and behavior
  10. 16. the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth
  11. 17. The financial gain made in a transaction
  12. 20. Idea that government should play as small a role as possible in economic affairs.
  13. 22. attempts to use monetary policy or fiscal policy to stimulate the economy (ex: stimulus checks, lowering interest rate)
  14. 23. of or relating to money or currency
  15. 27. involving financial matters
  16. 30. a low turning point or a local minimum of a business cycle