The nature of the economy - glossary

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