Across
- 7. The simple state of supply outweighing demand
- 10. Condition where the quantity of a product or service demanded is greater than the quantity supplied at the market price
- 11. An economic system where two forces, known as supply and demand, direct the production of goods and services, they are not controlled by a central authority (like a government) and are instead based on voluntary exchange.
- 13. An economic system where a centralized government controls the means of production and determines output levels
- 14. The willingness and ability of a consumer to buy goods and services at a specific price.
- 16. A significant decline in economic activity spread across the economy, lasting more than a few months.
- 18. The phase of the business cycle where real gross domestic product (real GDP) grows for two or more consecutive quarters, moving from a trough to a peak
- 21. rate The percentage of an amount of money that is paid for its use over a period of time.
- 22. The number of products that a producer or seller is willing and capable to provide to buyers
- 23. Financial motivations for people to take certain actions
- 26. The month in which a variety of economic indicators reach their highest level, followed by a significant decline in economic activity
- 27. A system that relies on customs, history, and time-honored beliefs
- 28. An economic system that combines the elements of a market economy and the elements of a command economy
- 29. People who buy or use goods and services
- 30. A branch of economics that studies the behavior of an overall economy, which encompasses markets, businesses, consumers, and governments
- 31. Attempts to use monetary policy or fiscal policy (or stabilization policy in general) to stimulate the economy
Down
- 1. A model demonstrates how money moves from producers to households and back again in an endless loop
- 2. Of or relating to money or to the mechanisms by which it is supplied to and circulates in the economy
- 3. A market structure that consists of a small number of firms, who together have substantial influence over a certain industry or market
- 4. Money or benefits lost by not selecting a particular option during the decision-making process
- 5. The resources people use to produce goods and services
- 6. Faire An economic philosophy of free-market capitalism that opposes government intervention
- 8. The share of the labor force that is without work but available for and seeking employment
- 9. A stage in the business cycle where activity is bottoming, or where prices are bottoming, before a rise
- 12. Money earned after taking explicit and implicit costs into account
- 15. A market structure that consists of a single seller or producer and no close substitutes
- 17. Demand for a good/service is higher than its availability
- 19. Relating to government revenue, especially taxes
- 20. An activity involving two or more firms, in which each firm tries to get people to buy its own goods in preference to the other firm’s goods
- 24. An action that involves a sacrifice that must be made to obtain a desired product or experience
- 25. A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms