Across
- 4. (One word) Money owed to someone due to having borrowed it. Usually with interest rates where the amount owed increases as time goes on and is expected to be paid back. Countries like Canada and the United states take on debt by borrowing money in order to fund programs that would not be usually paid by from taxes at there current rate.
- 8. (Two words) Businesses that are owned by the government, usually for social services such as health care or services deemed important even when there is not much demand privately for them. Examples include CBC, Bank of Canada, Automic Energy, Canada post.
- 9. (Three words) A supply and demand economy not influenced by the government. Embraced by Adam smith
- 10. (Three words) The idea that within a country your health and welfare is taken care of your whole life.
- 13. (Three words) A fund created by the Alberta provincial government in 1976 under Peter Logheed that gained revenue by taxing non renewable resources with the objective of saving money for the future. States like Alaska and countries like Norway embraced similar funds.
- 15. (Two words) An economy where things like production, income and prices are all managed by the government. Examples include the Soviet Union and North Korea
- 17. (One word) A rise in prices, usually caused by an abundance of wealth lowering the worth of money. For example if the government printed 1 trillion dollars money would be worth less than it is now because it is more abundant.
- 19. (Two words) Policy on how the Central bank of a nation manages interest rates.
- 21. (Two words) Embraced especially by countries within North America that have government policies in place with the purpose of protecting more vulnerable populations such as the sick, weak and old.
- 23. (Two words) This motivating factor of capitalism was first developed by Adam Smith. This selfish motivation will promote a better society as others will work harder. For example, when the common person notices that the Rich spend money on luxurious yachts, cars, and homes it motivates the common person to work harder to achieve a better lifestyle.
- 24. (One word) A period of the boom and bust cycle where the supply of money begins to decline due to inflation causing less spending and more saving. less products are bought therefore less are produced therefore less jobs are created too.
- 25. (Two words) Ideology embraced by countries like Sweden where the rich are taxed more than the poor.
- 26. (4 words) This economic ideology was embraced by leaders such as Ronald Reagan and Margret Thatcher. It is the belief that the market should not be intervened with by the government and that it should be set free. If you want more of something, subsidise it if you want less of something, tax it. If people are given easy money they will spend it foolishly.
Down
- 1. (One word) Embraced by Ronald Reagan and Milton Friedman that less government intervention, lowering taxes and removal of regulations on businesses to encourage economic growth.
- 2. (Four words) The cycle within a capitalist economy that consists of cyclical periods of economic expansion, economic boom/prosperity, economic recession and economic bust/hardship. Controlled by the supply of money.
- 3. (Two words) Multiple public programs that were created by FDR in response to recover the American economy from the great depression. These programs consist of Public works such as the WPA, relief efforts such as FERA and reform from old ways that hurt workers such as the NRA.
- 5. our compiled top ten concepts as an aid, you need to construct a google document with 25 terms. The crossword clue is more than just a definition, it should show an understanding of the term and perhaps include an example. Warning - If the term has more than one word you need to eliminate the space and you should indicate the number of words.
- 6. (Two words) A demand side idea embraced by FDR that there should be some sort of government intervention steering the market through changes in fiscal and monetary policy. In times of economic boom taxation should rise and government spending lowered while interest rates should be high vs in times of bust taxation should decrease and government spending increases and interest rates lowered.
- 7. (Two words) When a government borrows money to spend on something. Example the USA used deficit financing to fund its social programs.
- 11. (two words) Economic policy in regards to how the government manages its taxation and spending.
- 12. (Two words) An economist that believed in supply side economics and trickle down economics. He believed in less government intervention deregulation and less government spending.
- 14. (Two words) An economy both influenced by the public and private sector. Tries to tackle the issues of uneven distribution of wealth. Uses tactics such as setting a minimum wage, taxing individuals with high incomes more than low and government spending.
- 16. (One word) An economic situation where the economy is in a state of recession or stagnate and inflation levels rise. Happened in the 1970’s with the heightened oil prices.
- 18. (Two words) A period of global economic downturn from 1929 to around 1939 caused by the wall street crash. Employment fell rapidly due to profits and spending decreasing.
- 20. (Two words) A political belief that supports the individualistic ideology of economic freedom and individual liberty over a collective standpoint. Classical liberalism is the ideology of many modern day conservatives.
- 22. (Two words) A crisis that occurred in 2008 due to subprime mortgages were people with bad credit scores could buy expensive houses at very low interest rates later on the interest rates skyrocketed while the prices of the houses dwindled meaning many were unable to pay the higher mortgage rates foreclosing their homes this caused a meltdown in wall street.