Across
- 3. controlled by one
- 4. unobstructed trade
- 7. fundamental economic problem of having seemingly unlimited human wants in a world of limited resources
- 8. a system of society or group living in which there is no private property.
- 9. comprehensive measure used for estimation of price changes in a basket of goods and services representative of consumption expenditure
- 10. the broadest quantitative measure of a nation's total economic activity
- 11. central banking of US
- 14. means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy
- 15. ei. social security and Medicare
- 17. income exceeds expenditures
- 18. demand is greater than supply
- 20. reaganomics
- 23. the lowest remuneration that employers may legally pay to workers
- 24. controlled by a small group
- 25. A combination of individuals, groups or countries interacting to benefit the whole community
- 26. A monetary system in which a country's government allows its currency unit to be freely converted into fixed amounts of gold
- 27. ei. GDP
- 29. a measure of average income per person in a country
- 30. An economic system where few restrictions are placed on business activities and ownership.
- 31. father of capitalism
- 32. An economic measure of output per unit of input
- 33. a situation when the price charged is less than the equilibrium price determined by market forces of demand and supply
- 34. a situation when the price charged is more than the equilibrium price determined by market forces of demand and supply
- 35. the use of monetary or fiscal policy changes to kick start a lagging or struggling economy
- 38. An account that is used to set aside funds to be used in an emergency
- 40. a low turning point or a local minimum of a business cycle
- 41. hands off
- 42. An individual retirement plan that bears many similarities to the traditional IRA
- 43. a form of financial aid or support extended to an economic sector
- 44. restraining of trade
Down
- 1. all means of production are owned in common
- 2. world trade organization
- 5. he phase of the business cycle when the economy moves from a trough to a peak
- 6. he highest point between the end of an economic expansion and the start of a contraction in a business cycle
- 9. An increase in the value of one currency in terms of another
- 12. negative balance of trade
- 13. believed in free market capitalism
- 16. sounds like high explosives
- 19. a period of temporary economic decline
- 21. a sustained increase in the general price level of goods and services in an economy over a period of time
- 22. the demand side economic policy used by the government of a country to achieve macroeconomic objectives like inflation
- 28. An economic system in which the means of production and distribution are privately or corporately owned
- 30. full employment
- 36. supply is greater than demand
- 37. north american free trade agreement
- 39. the measurement of "useful-ness" that a consumer obtains from any good