Across
- 3. the inputs used to produce the goods and services that people want
- 7. a written document that indicates the amount of money the government expects to receive
- 8. people not working who have looked for work during previous 4 weeks
- 13. a good or service produced in one country that is sold into another country
- 18. the amount by which the value of a country's exports exceeds the cost of its imports
- 20. the amount by which the cost of a country's imports exceeds the value of its exports
- 21. a good or service bought in one country that was produced in another
- 22. Policies that try to decrease the output of the economy
- 26. a condition facing all societies because there are not enough productive resources to satisfy people's unlimited wants
- 30. a simplification of economic reality used to make predictions about the real world
- 31. resources So-called "gifts of nature" used to produce goods and services; includes both renewable and exhaustible resources.
- 32. rate the value of a currency in one country compared with the value in another country
- 33. goods all human creations used to produce goods and services; for example, factories, trucks, and machines
- 34. a profit-seeker who develops a new product or process and assumes the risk of profit or loss
- 35. means by which buyers and sellers carry out exchange
- 38. price the price at which a good is traded internationally as determined by the world supply and demand for that good
- 39. the physical and mental effort used to produce goods and services
- 41. Tax which takes a higher percentage of income from the poor than from the rich.
- 43. a decline in production, employment, and income lasting at lease two consecutive quarters
- 45. a good or service produced in one country that is sold into another country
- 46. a good or service bought in one country that was produced in another
- 47. policies that try to increase the output of the economy
- 49. the value of the best alternative passed up for the chosen item or activity
Down
- 1. The legal and institutional foundation of the multilateral trading system
- 2. the total number of workers, including both the employed and the unemployed
- 4. the value of the capital stock that is used up or becomes obsolete in producing GDP during the year
- 5. the economy's aggregate output measured in dollars of constant purchasing power; GDP measured in terms of the goods and services produced
- 6. people are currently holding a job in the economy, either full time or part time
- 9. the phase of economic activity during which the economy's total output increases
- 10. household purchases of final goods and services
- 11. the central banking system of the United States
- 12. cycle Fluctuations in economic activity, such as employment and production
- 14. additional, extra, or one more; refers to a change in an economic variable, a change in the status quo
- 15. something not physical that requires scarce resources to produce and satisfies human wants
- 16. the market value of all final goods and services produced within a country in a given period of time; usually a year
- 17. The economy's aggregate output based on prices at the time of the transaction; current-dollar GDP
- 19. the study of how people use their scarce resources to satisfy their unlimited wants
- 23. Price Index a measure of the overall cost of the goods and services bought by a typical consumer
- 24. measures that usually predict, or lead to, recessions or expansions
- 25. total spending on all final goods and services produced in the economy during the year
- 27. the broad category of human efforts, both physical and mental, used to produce goods and services
- 28. the purchase of new capital goods
- 29. all earnings of resource suppliers in an economy during a given year
- 36. foreign money needed to carry out international transactions
- 37. an item you can see, feel, and touch that requires scarce resources to produce and satisfies human wants
- 40. Tax designed to take a larger percentage of income from the wealthy than the poor
- 42. a tax on imports
- 44. government decisions on spending and taxation that are intended to improve or maintain the economy.
- 48. A legal limit on the quantity of a particular product that can be imported or exported