Nature of the Economy

4. The value of the best alternative forgone.
7. Two consecutive quarters (6 months) of negative economic growth in an economy.
11. A period of significant output within a population. The period is marked by productivity increases, sales increases, wage increases and rising demand.
12. A sustained, long-term downturn in economic activity in one or more economies.
13. The demand and supply of a good/service.
14. A downward turn in the level of economic or business activity, often caused by fluctuations in the business cycle or other macroeconomic events.
17. The system where the forces of demand and supply determine the prices of good and services.

1. A system of money in general use in a particular country.
2. A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
3. The ongoing process of integration of global economies.
5. The general increase in prices over time.
6. The study of how scarce resources are used to satisfy unlimited human wants.
8. A commercial enterprise that provides work performed in an expert manner by an individual or team for the benefit of its customers.
9. A sudden improvement in something such as an economy, or an increase in an amount or level.
10. Physical, tangible items that can be bought/sold.
12. Consumers' willingness and ability to consume a given good.
15. Businesses willingness or ability to produce certain goods.
16. The total value of a nation’s output in one year.