EME 313 #3 (Resor)

2. The people in a nation who are 16 or over and are employed or actively looking for work.
5. Responsibility for a debt or payment.
7. Basic money supply.
10. 30. Monetary Policy - Changes in the supply of money and the availability of credit initiated by a nation's central bank to promote price stability, full employment and reasonable rates of economic growth.
13. A good’s price is set above the true market price determined by supply and demand.
14. Medium of exchange.
15. A rise in the general or average price level of the goods and services produced in an economy.
16. The market value of all final goods and services produced in a country in a calendar year.
17. When workers perform different tasks.
18. Quantity of goods supplied decreases while quantity demanded by consumers increases.
20. Payment made by individuals and corporations to the federal government (and to some state and local governments) based on earned and unearned income received.

1. When nations focus production in areas where they have an efficiency advantage.
3. The more individuals and nations specialize and trade, the more dependent they become on each other to supply their basic wants.
4. A person's health, education, experience, training, skills and values.
6. Decisions about spending and taxation levels by the federal government made to promote full employment and output or reduce inflation.
8. Economy that relies on a system of interdependent market prices to allocate goods, services, and productive resources and to coordinate the diverse plans of consumers and producers.
9. Paper and non-precious coins.
11. An arrangement whereby a company provides a guarantee of compensation for specified forms of loss, damage, injury or death. People pay premiums to buy insurance policies.
12. When government intervenes in a market economy to set prices.
19. Exchange without money.