Economics Review

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Across
  1. 1. An economic system characterized by shared goods and services and no classes.
  2. 3. When demand exceeds supply.
  3. 8. A period of temporary economic decline, often seen in a prolonged decrease in GDP
  4. 11. Responsiveness to a change in price.
  5. 14. a significant decline in GDP, employment, and consumer confidence spanning months or years
  6. 18. A market-determined fair price where supply is commensurate with demand.
  7. 19. Total spending on all final goods at a given time
  8. 20. Owners of the means of production
  9. 21. Increase in the costs of goods and services over time
  10. 22. Experts view the economy as a _________, sometimes one of prosperity, other times one of doom.
  11. 24. Banks that offer financial planning and supports people building long-term wealth; high risk, high reward
  12. 25. Industrial average of the key industries of the stock market
  13. 27. A sudden, drastic, and often excessive price increase on essential goods; marked by the incentive to exploit consumers’ needs for profit.
  14. 28. An economic system characterized by free markets and little government regulation.
  15. 29. National Detective Agency used by employers to break up strikes.
  16. 30. what must be sacrificed to obtain a scarce good
Down
  1. 2. someone who reduces transaction costs and facilitates exchanges between producers and consumers
  2. 4. Wages remain stagnant while costs increase
  3. 5. Exclusive ownership or control of the supply or trade of a commodity.
  4. 6. The rate at which folks who are old enough and physically able to work are looking for a job, but unable to get one.
  5. 7. Banks that hold checking and savings accounts and offers loans for businesses, homes, automobiles, and other assets
  6. 9. Anything that drains income.
  7. 10. When supply exceeds demand.
  8. 12. The economic principle introduced by Adam Smith referring to the force that leads individuals to an unintended end
  9. 13. Anything that adds to income.
  10. 15. The amount of a good consumers are willing and able to buy
  11. 16. The amount of a good producers are willing and able to sell
  12. 17. A rapid, but often illusory or artificial, growth in an industry
  13. 23. Regulated the kinds of business practices commercial banks could engage in
  14. 26. Often confused with unemployment, includes about 50% of the US population