Across
- 3. An economic system where few restrictions are placed on business activities and ownership
- 5. An economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided
- 6. Measurement of "useful-ness" that a consumer obtains from any good
- 7. The lowest wage permitted by law or by a special agreement (such as one with a labor union)
- 9. A piece of economic data, usually of macroeconomic scale, that is used by investors to interpret current or future investment possibilities and judge the overall health of an economy
- 15. A measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the number of people in the country
- 16. Refers to attempts to use monetary or fiscal policy (or stabilization policy in general) to stimulate the economy
- 17. An economist and philosopher who wrote what is considered the "bible of capitalism," The Wealth of Nations, in which he details the first system of political economy
- 18. A policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports)
- 21. A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care
- 22. Government- or group-imposed price control or limit on how low a price can be charged for a product
- 23. Regulates the U.S. monetary and financial system
- 26. The highest point between the end of an economic expansion and the start of a contraction in a business cycle
- 27. An increase in the level of economic activity, and of the goods and services available
- 28. An author and economist who is well-known for his stance that national governments should attempt to smooth out the effects of expansion and contraction in the business cycle by using fiscal and monetary policy
- 29. The level of employment rates where there is no cyclical or deficient-demand unemployment
- 34. A business cycle contraction
- 35. The means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy
- 36. An Austrian and British economist and philosopher best known for his defence of classical liberalism
- 37. If countries specialise in producing goods where they have a lower opportunity cost – then there will be an increase in economic welfare
- 40. A regulation implemented January 1, 1994 in Mexico, Canada and the United States to eliminate most tariffs on trade between these nations
- 41. Fundamental economic problem of having seemingly unlimited human wants in a world of limited resources
- 42. A low turning point or a local minimum of a business cycle
- 43. The only global international organization dealing with the rules of trade between nations
- 44. A government program guaranteeing access to some benefit by members of a specific group and based on established rights or by legislation
- 45. Form of financial aid or support extended to an economic sector (or institution, business, or individual) generally with the aim of promoting economic and social policy
- 46. 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
Down
- 1. An examination of the additional benefits of an activity compared to the additional costs of that activity
- 2. An account that is used to set aside funds to be used in an emergency, such as the loss of a job, an illness or a major expense
- 4. Based on some form of social ownership of the means of production, which may mean autonomous cooperatives or direct public ownership; wherein production is carried out directly for use
- 8. A broad measurement of a nation's overall economic activity
- 10. The total assets minus total outside liabilities of an individual or a company
- 11. A single supplier in a market
- 12. When tax revenue is greater than government spending
- 13. An individual retirement account allowing a person to set aside after-tax income up to a specified amount each year
- 14. The demand for a product or service exceeds its supply in a market
- 19. The amount of an asset or resource that exceeds the portion that is utilized
- 20. An average measure of the efficiency of production
- 21. An increase in the value of one currency in terms of another
- 24. The relationship between a nation's imports and exports
- 25. In the 1960s, he became the main advocate opposing Keynesian government policies,[6] and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions
- 26. Is a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply
- 30. Policy of minimum governmental interference in the economic affairs of individuals and society
- 31. If countries specialise in producing goods where they have a lower opportunity cost – then there will be an increase in economic welfare
- 32. Policy The actions of a central bank, currency board or other regulatory committee that determine the size and rate of growth of the money supply, which in turn affects interest rates
- 33. The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service
- 38. A market structure in which a few firms dominate
- 39. A sustained increase in the general price level of goods and services in an economy over a period of time