economics

6. smith/considered to be the founding father of modern Economics.
8. is the amount of an asset or resource that exceeds the portion that is utilized.
9. IRA/ is an individual retirement plan
11. decline in economic activity spread across the economy.
13. measurement of "useful-ness" that a consumer obtains from any good
14. floor/ is a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply
15. A market structure characterized by a single seller, selling a unique product in the market.
16. money is currency that a government has declared to be legal tender, but is not backed by a physical commodity.
18. is an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries.\
19. is a range of economic and social systems characterized by social ownership and democratic control of the means of production
21. is a sustained increase in the general price level of goods and services in an economy over a period of time.
23. worth/ s the total assets minus total outside liabilities of an individual or a company.
24. faire/ a system or point of view that opposes regulation or interference by the government in economic affairs beyond the minimum necessary to allow the free enterprise system to operate according to its own laws.

1. is a low turning point or a local minimum of a business cycle.
2. standard/A monetary system in which a country's government allows its currency unit to be freely converted into fixed amounts of gold and vice versa.
3. advantage/ states that if countries specialize in producing goods where they have a lower opportunity cost – then there will be an increase in economic welfare.
4. is an increase in the level of economic activity, and of the goods and services available.
5. fund/ is an account that is used to set aside funds to be used in an emergency.
7. is the economic policy of restraining trade between countries through methods.
10. is the only global international organization dealing with the rules of trade between nations.
12. is a benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction.
14. the highest point between the end of an economic expansion and the start of a contraction in a business cycle.
17. Hayek/ is well-known for his numerous contributions in the field of economics and political philosophy.
20. advantage/ refers to the ability of a party (an individual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.
22. trade/ is a policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries.