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ECONTAX SUMMATIVE
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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).
Needs:Goods and services essential for human survival
Opportunity: __ cost is the value of a resource applied to its next best useefficiency: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
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
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
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.
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.
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
Across:2. | __ cost is the value of a resource applied to its next best useefficiency:When an economy gets the most out of its scarce resources | 6. | 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) | 8. | 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. | Items we value or desire | 12. | A measure of those individuals in the labor force working, at least one hour per week, for pay. | 14. | Goods and services essential for human survival |
| 16. | 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 | 18. | An economic agent that desires to purchase goods and services with the goal of maximizing the satisfaction from consumption of those goods and services | 21. | A relationship between two types of output defining the trade-off that exists in allocating resources from production of one good to the other | 22. | Unemployment that exists as a natural consequence of market activity where individuals are in-between jobs | 26. | The difference between the number of people in the labor force and those working for pay | 28. | The study of choices we make among our many wants and desires |
| | Down:1. | A market condition where the quantity supplied of a particular commodity exceeds the quantity demanded | 3. | Preferences for goods and services over and above human needs | 4. | A decline in the aggregate price level over some defined time period. | 5. | The difference between income and expenditure in the current time period | 7. | An increase in the price level over some defined time period. | 9. | Changes to the existing capital stock or business inventories | 11. | Changes in unemployment attributed to cyclical behavior in economic activity. | 13. | A condition where there is no tendency for an economic variable to change |
| 15. | Unemployment that exists as a consequence of structural changes in economic activity. | 17. | A measure of the wear and tear that affects capital equipment or other intermediate goods. | 19. | A relationship between market price and quantities of goods and services made available for sale in a given period of time. | 20. | GDP measured at current prices. | 23. | The amount spent by a consumer on a bundle of goods or services (the product of market price and quantity demanded). | 24. | The raw materials and other factors of production that enter the production process or final goods and services that are desired by economic agents | 25. | Negative growth in Real GDP for two or more fiscal quarters | 27. | 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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© 2017
PuzzleFast.com, Noncommercial Use Only
ECONTAX SUMMATIVE
Across:2. | __ cost is the value of a resource applied to its next best useefficiency:When an economy gets the most out of its scarce resources | 6. | 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) | 8. | 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. | Items we value or desire | 12. | A measure of those individuals in the labor force working, at least one hour per week, for pay. | 14. | Goods and services essential for human survival |
| 16. | 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 | 18. | An economic agent that desires to purchase goods and services with the goal of maximizing the satisfaction from consumption of those goods and services | 21. | A relationship between two types of output defining the trade-off that exists in allocating resources from production of one good to the other | 22. | Unemployment that exists as a natural consequence of market activity where individuals are in-between jobs | 26. | The difference between the number of people in the labor force and those working for pay | 28. | The study of choices we make among our many wants and desires |
| | Down:1. | A market condition where the quantity supplied of a particular commodity exceeds the quantity demanded | 3. | Preferences for goods and services over and above human needs | 4. | A decline in the aggregate price level over some defined time period. | 5. | The difference between income and expenditure in the current time period | 7. | An increase in the price level over some defined time period. | 9. | Changes to the existing capital stock or business inventories | 11. | Changes in unemployment attributed to cyclical behavior in economic activity. | 13. | A condition where there is no tendency for an economic variable to change |
| 15. | Unemployment that exists as a consequence of structural changes in economic activity. | 17. | A measure of the wear and tear that affects capital equipment or other intermediate goods. | 19. | A relationship between market price and quantities of goods and services made available for sale in a given period of time. | 20. | GDP measured at current prices. | 23. | The amount spent by a consumer on a bundle of goods or services (the product of market price and quantity demanded). | 24. | The raw materials and other factors of production that enter the production process or final goods and services that are desired by economic agents | 25. | Negative growth in Real GDP for two or more fiscal quarters | 27. | 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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© 2017
PuzzleFast.com, Noncommercial Use Only