Understanding Business Chapter 2 Vocabulary

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Across
  1. 1. the loss of the best and brightest people to other countries
  2. 3. all or most factors of production and distribution are privately owned
  3. 5. price increases are slowing
  4. 7. some, if not most, basic business should be owned by the government so that profits can be equally distributed among the people.
  5. 10. economics that looks at the behavior of people and organizations in particular markets
  6. 12. periodic rises and falls in economies over time
  7. 13. fed gov'ts effort to keep the economy stable by adjusting taxes or gov spending
  8. 16. management of the money supply and interest rates by the Federal Reserve Bank
  9. 18. government largely decides what goods and services will be produced and who will get them
  10. 19. a situation where prices are declining
  11. 21. quantity of products that people are willing to buy at diff. prices at a specific time
  12. 23. market largely determines what goods and services get produced, who gets them, and how
  13. 24. a severe recession
  14. 25. economics study that looks at the operation at a whole
Down
  1. 2. rise in prices of goods and services over time
  2. 4. large number of sellers produce very similar products that buyers perceive as different.
  3. 6. degree of competition with a few sellers dominating the market
  4. 8. Adam Smith
  5. 9. how society decides what goods and services to produce for consumption
  6. 11. quantity of products that are sold at different prices at a specific time
  7. 14. economic and political system where gov. makes almost all economic decisions
  8. 15. a measure of total sales volume at all stages of production
  9. 17. total value of final goods and services produced in a country
  10. 20. two or more consecutive quarters of decline in the GDP
  11. 22. allocation of resources is made by the market and some by the government