The nature of the economy - glossary

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Across
  1. 2. the swapping or exchanging of one good for another
  2. 7. a relatively mild contraction in the level of economic activity resulting in reduced spending, rising
  3. 8. the Reserve Bank using interest rates to achieve economic objectives
  4. 9. regularly putting aside some money for future use
  5. 11. goods and services purchased by local consumers from overseas businesses
  6. 12. the use of the federal government’s budget to achieve economic objectives
  7. 13. and a slow rate of economic growth
  8. 16. a severe contraction in the level of economic activity resulting in many business failures, high and sustained levels of unemployment and sometimes falling prices
  9. 17. a joint dependence between participants in an economy; that is, the reliance of consumers, workers, businesses and governments on each other
  10. 19. a general rise in prices across all sectors of the economy, causing money to lose its value
  11. 20. goods and services sold by local businesses to overseas consumers
  12. 21. the cyclical fluctuations in the general level of economic activity
Down
  1. 1. the creation of goods and services
  2. 3. states that the quantity of a good or service supplied varies directly with price
  3. 4. the interaction of the forces of demand and supply that determines the price of a good or service
  4. 5. the point at which the demand and supply curves intersect
  5. 6. states that the quantity of a good or service demanded varies inversely to price
  6. 10. the process that sees people, goods, money and ideas moving around the world faster and more cheaply than before
  7. 14. where the exchange of goods, services or resources between buyers and sellers occurs
  8. 15. the price that must be paid in order to use someone else’s money
  9. 18. all activities undertaken for the purpose of production, distribution and consumption of goods and services in a region or country