en CR ECONTAX SUMMATIVE 37 efficiency:When an economy gets the most out of its scarce resources economics:The study of choices we make among our many wants and desires goods:Items we value or desire bads:Items that we do not desire or want, where less is preferred to more Complementary Goods:A pair of goods where the quantity demanded of one increases when the price of a related good decreases Consumer:An economic agent that desires to purchase goods and services with the goal of maximizing the satisfaction from consumption of those goods and services Demand:a relationship between market price and quantities of goods and services purchased in a given period of time. Represents the behavior of buyers in the market place Equilibrium:A condition where there is no tendency for an economic variable to change Expenditure:The amount spent by a consumer on a bundle of goods or services (the product of market price and quantity demanded). Inferior Good:A good where quantity demanded decreases when consumer income increases (there is an inverse relationship between quantity demanded and income). Market:A place or institution where buyers and sellers come together and exchange factor inputs or final goods and services. A market is one particular type of economic rationing system. Needs:Goods and services essential for human survival Opportunity: __ cost is the value of a resource applied to its next best use PPF:A relationship between two types of output defining the trade-off that exists in allocating resources from production of one good to the other Resources:The raw materials and other factors of production that enter the production process or final goods and services that are desired by economic agents Shortage:A market condition where the quantity demanded of a particular good or service exceed the quantity available. Supply:A relationship between market price and quantities of goods and services made available for sale in a given period of time. Surplus:A market condition where the quantity supplied of a particular commodity exceeds the quantity demanded Wants:Preferences for goods and services over and above human needs Business Cycle:An economic contraction (recession) followed by an expansion CPI:A weighted average of the prices of a representative market basket of goods and services that represents consumption patterns in some base time period Cyclical:Changes in unemployment attributed to cyclical behavior in economic activity. Deflation:A decline in the aggregate price level over some defined time period. Depreciation:A measure of the wear and tear that affects capital equipment or other intermediate goods. Employment:A measure of those individuals in the labor force working, at least one hour per week, for pay. Equilibrium:A situation where there is no tendency for change. Exchange Rate:The value of a domestic currency expressed in terms of a foreign currency or basket of foreign currencies. Factors of Production:An exhaustive list of inputs required for any type of production Frictional:Unemployment that exists as a natural consequence of market activity where individuals are in-between jobs GDP:Gross Domestic Product: The market value of all final goods and services produced in a given time period Inflation:An increase in the price level over some defined time period. Investment:Changes to the existing capital stock or business inventories Liquidity:A measure of the ease by which a financial asset can be converted into a form readily accepted as payment for goods and services Nominal:GDP measured at current prices. Peak:A point of transition in the business cycle from expansion to contraction Phillips Curve:A theoretical relationship between the unemployment rate of a given economy and rates of (wage) inflation Real:GDP measured at constant (some base period) prices. Recession:Negative growth in Real GDP for two or more fiscal quarters Savings:The difference between income and expenditure in the current time period Scarcity:A physical or economic condition where the quantity desired of a good or service exceeds the availability of that good or service in the absence of a rationing system Structural: Unemployment that exists as a consequence of structural changes in economic activity. Unemployment:The difference between the number of people in the labor force and those working for pay Velocity:The number of times a given quantity (stock) of money changes hands in a given time period (the ratio of expenditure in that time period to a given measure of the money supply)

ECONTAX SUMMATIVE

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Across:

1.	A good where quantity demanded decreases when consumer income increases (there is an inverse relationship between quantity demanded and income).
4.	A place or institution where buyers and sellers come together and exchange factor inputs or final goods and services. A market is one particular type of economic rationing system.
7.	A measure of the ease by which a financial asset can be converted into a form readily accepted as payment for goods and services
10.	Goods and services essential for human survival
14.	A situation where there is no tendency for change.
15.	The difference between the number of people in the labor force and those working for pay
17.	A theoretical relationship between the unemployment rate of a given economy and rates of (wage) inflation
19.	When an economy gets the most out of its scarce resources
22.	Items that we do not desire or want, where less is preferred to more
24.	Changes in unemployment attributed to cyclical behavior in economic activity.
26.	The number of times a given quantity (stock) of money changes hands in a given time period (the ratio of expenditure in that time period to a given measure of the money supply)
29.	Items we value or desire
30.	An increase in the price level over some defined time period.
32.	A market condition where the quantity supplied of a particular commodity exceeds the quantity demanded
33.	__ cost is the value of a resource applied to its next best use
34.	Preferences for goods and services over and above human needs
35.	Negative growth in Real GDP for two or more fiscal quarters
36.	A market condition where the quantity demanded of a particular good or service exceed the quantity available.

Down:

2.	An exhaustive list of inputs required for any type of production
3.	GDP measured at constant (some base period) prices.
5.	The study of choices we make among our many wants and desires
6.	An economic agent that desires to purchase goods and services with the goal of maximizing the satisfaction from consumption of those goods and services
8.	Changes to the existing capital stock or business inventories
9.	The raw materials and other factors of production that enter the production process or final goods and services that are desired by economic agents
11.	a relationship between market price and quantities of goods and services purchased in a given period of time. Represents the behavior of buyers in the market place
12.	A weighted average of the prices of a representative market basket of goods and services that represents consumption patterns in some base time period
13.	A measure of the wear and tear that affects capital equipment or other intermediate goods.
16.	A measure of those individuals in the labor force working, at least one hour per week, for pay.
18.	A condition where there is no tendency for an economic variable to change
20.	A pair of goods where the quantity demanded of one increases when the price of a related good decreases
21.	The difference between income and expenditure in the current time period
23.	GDP measured at current prices.
25.	A decline in the aggregate price level over some defined time period.
27.	An economic contraction (recession) followed by an expansion
28.	Gross Domestic Product: The market value of all final goods and services produced in a given time period
31.	Unemployment that exists as a natural consequence of market activity where individuals are in-between jobs
32.	A physical or economic condition where the quantity desired of a good or service exceeds the availability of that good or service in the absence of a rationing system

ECONTAX SUMMATIVE

■

Across:

1.	A good where quantity demanded decreases when consumer income increases (there is an inverse relationship between quantity demanded and income).
4.	A place or institution where buyers and sellers come together and exchange factor inputs or final goods and services. A market is one particular type of economic rationing system.
7.	A measure of the ease by which a financial asset can be converted into a form readily accepted as payment for goods and services
10.	Goods and services essential for human survival
14.	A situation where there is no tendency for change.
15.	The difference between the number of people in the labor force and those working for pay
17.	A theoretical relationship between the unemployment rate of a given economy and rates of (wage) inflation
19.	When an economy gets the most out of its scarce resources
22.	Items that we do not desire or want, where less is preferred to more
24.	Changes in unemployment attributed to cyclical behavior in economic activity.
26.	The number of times a given quantity (stock) of money changes hands in a given time period (the ratio of expenditure in that time period to a given measure of the money supply)
29.	Items we value or desire
30.	An increase in the price level over some defined time period.
32.	A market condition where the quantity supplied of a particular commodity exceeds the quantity demanded
33.	__ cost is the value of a resource applied to its next best use
34.	Preferences for goods and services over and above human needs
35.	Negative growth in Real GDP for two or more fiscal quarters
36.	A market condition where the quantity demanded of a particular good or service exceed the quantity available.

Down:

2.	An exhaustive list of inputs required for any type of production
3.	GDP measured at constant (some base period) prices.
5.	The study of choices we make among our many wants and desires
6.	An economic agent that desires to purchase goods and services with the goal of maximizing the satisfaction from consumption of those goods and services
8.	Changes to the existing capital stock or business inventories
9.	The raw materials and other factors of production that enter the production process or final goods and services that are desired by economic agents
11.	a relationship between market price and quantities of goods and services purchased in a given period of time. Represents the behavior of buyers in the market place
12.	A weighted average of the prices of a representative market basket of goods and services that represents consumption patterns in some base time period
13.	A measure of the wear and tear that affects capital equipment or other intermediate goods.
16.	A measure of those individuals in the labor force working, at least one hour per week, for pay.
18.	A condition where there is no tendency for an economic variable to change
20.	A pair of goods where the quantity demanded of one increases when the price of a related good decreases
21.	The difference between income and expenditure in the current time period
23.	GDP measured at current prices.
25.	A decline in the aggregate price level over some defined time period.
27.	An economic contraction (recession) followed by an expansion
28.	Gross Domestic Product: The market value of all final goods and services produced in a given time period
31.	Unemployment that exists as a natural consequence of market activity where individuals are in-between jobs
32.	A physical or economic condition where the quantity desired of a good or service exceeds the availability of that good or service in the absence of a rationing system

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