Across
- 3. is a low turning point or a local minimum of a business cycle.
- 4. an account where you set aside funds to be used for unexpected expenses.
- 8. famous economist born in Vienna, Austria, in 1899.
- 9. an increase in the level of economic activity, and of the goods and services available.
- 11. is a slowdown in economic activity over the course of a normal business cycle.
- 13. also known as the FRS is the central bank of the United States.
- 15. is an individual retirement plan that bears many similarities to the traditional IRA, but the contributions are not tax deductible and qualified distributions are tax free.
- 16. is the only global international organization dealing with the rules of trade between nations.
- 19. refers to government actions and policies that restrict or restrain international trade, often done with the intent of protecting local businesses and jobs from foreign competition.
- 22. monetary system in which a country's government allows its currency unit to be freely converted into fixed amounts of gold and vice versa.
- 23. was the twentieth century’s most prominent advocate of free markets.
- 24. is the total assets minus total outside liabilities of an individual or a company.
- 25. is a situation in which income exceeds expenditures.
Down
- 1. is an economic measure of a negative balance of trade in which a country's imports exceeds its exports.
- 2. states that if countries specialise in producing goods where they have a lower opportunity cost – then there will be an increase in economic welfare.
- 5. loss of value of a country's currency with respect to one or more foreign reference currencies, typically in a floating exchange rate system.
- 6. agreement signed by Canada, Mexico, and the United States, creating a trilateral trade bloc in North America.
- 7. is the highest point between the end of an economic expansion and the start of a contraction in a business cycle.
- 10. refers to the ability of a party (an individual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.
- 12. is a measure of average income per person in a country.
- 14. an economic indicator is 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.
- 17. was an 18th-century philosopher and free-market economist famous for his ideas about the efficiency of the division of labor and the societal benefits of individuals' pursuit of their own self-interest.
- 18. is the unrestricted purchase and sale of goods and services between countries without the imposition of constraints such as tariffs, duties and quotas.
- 20. Keynes was 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.
- 21. currency that a government has declared to be legal tender, but is not backed by a physical commodity.