Across
- 1. A graph showing the quantity of a good or service that people are willing to buy at various prices.
- 3. An index of the prices of a “market basket” of goods and services purchased by typical urban consumers.
- 5. The quantity of a good or service that businesses will make available at various prices.
- 7. An increase in a nation’s output of goods and services.
- 9. The number of suppliers in a market.
- 11. The government’s use of taxation and spending to affect the economy.
- 17. An economic system based on competition in the marketplace and private ownership of the factors of production (resources); also known as the private enterprise system.
- 18. An economic system characterized by government ownership of virtually all resources, government control of all markets, and economic decision-making by central government planning.
- 20. The condition that occurs when the federal government spends more for programs than it collects in taxes.
- 22. The application of science and engineering skills and knowledge to solve production and organizational problems.
- 24. The inputs, such as tools, machinery, equipment, and buildings, used to produce goods and services and get them to the customer.
- 25. The central banking system of the United States.
- 27. The study of how a society uses scarce resources to produce and distribute goods and services.
- 30. The use of monetary policy by the Fed to tighten the money supply by selling government securities or raising interest rates.
- 31. Tangible items manufactured by businesses.
- 33. A market structure in which a single firm accounts for all industry sales of a particular good or service and in which there are barriers to entry.
- 34. The combination of policies, laws, and choices made by a nation’s government to establish the systems that determine what goods and services are produced and how they are allocated.
- 36. The situation that occurs when government spending replaces spending by the private sector.
- 38. The money a company receives by providing services or selling goods to customers.
- 40. The quantity of a good or service that people are willing to buy at various prices.
- 41. The movement of inputs and outputs among households, businesses, and governments; a way of showing how the sectors of the economy interact.
- 43. Upward and downward changes in the level of economic activity.
- 45. The resources used to create goods and services.
Down
- 2. The percentage of the total labor force that is not working but is actively looking for work
- 4. The point at which quantity demanded equals quantity supplied.
- 6. The money left over after all costs are paid.
- 7. The use of monetary policy by the Fed to increase, or loosen, the growth of the money supply.
- 8. Expenses incurred from creating and selling goods and services.
- 10. A decline in GDP that lasts for at least two consecutive quarters.
- 12. The condition when all people who want to work and can work have jobs.
- 13. The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products.
- 14. organization An organization that exists to achieve some goal other than the usual business goal of profit.
- 15. The total market value of all final goods and services produced within a nation’s borders each year.
- 16. The combined talents and skills of the workforce.
- 19. The subarea of economics that focuses on individual parts of the economy, such as households or firms.
- 21. The situation in which the average of all prices of goods and services is rising.
- 23. Short-term unemployment that is not related to the business cycle.
- 26. The potential to lose time and money or otherwise not be able to accomplish an organization’s goals.
- 28. People who combine the inputs of natural resources, labor, and capital to produce goods or services with the intention of making a profit or accomplishing a not-for-profit goal.
- 29. inflation Inflation that occurs when increases in production costs push up the prices of final goods and services.
- 32. An organization that strives for a profit by providing goods and services desired by its customers.
- 35. Unemployment that occurs when a downturn in the business cycle reduces the demand for labor throughout the economy.
- 37. The amount of goods and services one worker can produce.
- 39. An economic system in which the basic industries are owned either by the government itself or by the private sector under strong government control.
- 40. Inflation that occurs when the demand for goods and services is greater than the supply.
- 42. The study of people’s vital statistics, such as their age, gender, race and ethnicity, and location.
- 44. Intangible offerings of businesses that can’t be held, touched, or stored.