Economics

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Across
  1. 6. policy means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy
  2. 8. complete control over imdustry
  3. 10. a state of limited competition
  4. 14. used by economists to predict future economic activity
  5. 16. also known as the "the Fed"
  6. 20. smooth out the effects of expansion and contraction in the business cycle by using fiscal and monetary policy
  7. 21. government program guaranteeing access to some benefit by members of a specific group and based on established rights or by legislation
  8. 23. international trade left to its natural course without tariffs, quotas, or other restrictions
  9. 25. the less amount of money allowed to get paid when working
  10. 27. an increase in the value of one currency in terms of another
  11. 29. bottom point on graph
  12. 30. low supply
  13. 33. hands off government
  14. 38. an economic system in which private business operates in competition and largely free of state control
  15. 39. a political theory derived from Karl Marx
  16. 40. the amount by which the cost of a country's imports exceeds the value of its exports
  17. 41. an account that is used to set aside funds to be used in an emergency
  18. 43. an individual retirement account
  19. 44. allows business owners to measure the additional benefits of one production activity versus its costs
  20. 45. measure of what an entity is worth
  21. 47. an American economist and statistician best known for his strong belief in free-market capitalism
  22. 49. an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
  23. 50. the system by which the value of a currency was defined in terms of gold
Down
  1. 1. situation when the price charged is more than or less than the equilibrium price
  2. 2. mass production
  3. 3. an index of the variation in prices paid by typical consumers for retail goods and other items
  4. 4. everyone is eligible to work
  5. 5. situation in which income exceeds expenditures
  6. 7. advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
  7. 9. restraining trade between countries through methods such as tariffs on imported goods
  8. 11. measure of average income per person in a country
  9. 12. only global international organization
  10. 13. broadest quantitative measure of a nation's total economic activity
  11. 15. if countries specialise in producing goods where they have a lower opportunity cost
  12. 17. money granted to help an industry
  13. 18. famous economist born in Vienna, Austria
  14. 19. use of monetary or fiscal policy changes to kick start a lagging or struggling economy
  15. 22. measurement of "useful-ness" that a consumer obtains from any good
  16. 24. decline of progress
  17. 26. resource that exceeds the portion that is utilized
  18. 28. ability to produce a better quality good using the same resources
  19. 31. policy macroeconomic policy laid down by the central bank
  20. 32. top point on graph
  21. 34. an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries
  22. 35. measures how efficiently production inputs
  23. 36. known for Wealth of Nations
  24. 37. a situation when the price charged is more than or less than the equilibrium price
  25. 42. when the demand for a product or service exceeds its supply in a market
  26. 46. increase of progress
  27. 48. currency that a government has declared to be legal tender, but is not backed by a physical commodity