Across
- 3. The paper bills and coins typically backed by the government used to buy goods and services.
- 4. Negative inflation; most prices in the economy are falling.
- 5. A tradeoff between unemployment and inflation
- 7. A stagnant economy with high unemployment and inflation.
- 9. Policy- Tax cuts to stimulate consumption and investment, or direct increases in government spending
- 13. Has no intrinsic value, but is declared by a government to be a country's legal tender.
- 15. Policy- A monetary policy that reduces the supply of money and loans.
- 16. The United States central bank.
- 20. The number of employed plus the unemployed.
- 22. Workers- Those who have stopped looking for employment and, hence, are no longer counted in the unemployed also fall into this group.
- 23. Any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.
- 24. Item of value that a firm or an individual owns.
- 25. The rights of individuals and firms to own property and use it as they see fit.
Down
- 1. Population- Persons 16 years of age and older residing in the 50 states and the District of Columbia, noninstitutionalized, and who are not on active duty in the Armed Forces.
- 2. Unemployment- Unemployment that occurs as workers move between jobs.
- 6. Policy- Tax increases or government spending cuts to shift AD to the left.
- 8. The inputs used to produce goods and services.
- 10. A component of physical capital such as roads and rail systems.
- 11. A general and ongoing rise in the level of prices in an entire economy.
- 12. Arbitrary year whose value as an index number economists define as 100.
- 14. Currently working for pay.
- 17. Policy- A monetary policy that increases the supply of money and the quantity of loans.
- 18. Nominal wage adjusted for inflation or cost of living.
- 19. Putting advances in knowledge to use in a new product or service.
- 21. People interpret nominal wage or price changes as real changes.