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Transcript
Economics
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3. a sustained increase in the general level of
prices for goods and services
8. the least you can get paid
11. being scarce or in short supply
14. Series of statistical figures, such as the
consumer price index or the gross domestic
product
20. running out of supply
21. an agreement signed by Canada, Mexico,
and the United States, creating a trilateral
trade
24. the theory or practice of shielding a
country's domestic industries from foreign
competition by taxing imports
25. American economist who received the
1976 Nobel Memorial Prize in Economic
1. a formal authorization or proposition
2. usually given to remove some type of
burden
4. an economic measure of a negative balance
of trade in which a country's imports exceeds
its exports
5. a market form in which a market or
industry is dominated by a small number of
sellers
6. measures changes in the price level of a
market basket of consumer goods and services
purchased by households
7. being useful, profitable, or beneficial
9. an economic and political system in which
a country's trade and industry are controlled
by private owners for profit
Sciences for his research on consumption
analysis
27. philosopher best known for his defense of
classical liberalism
28. Fed, or the central banking system of the
United States.
29. the process by which the monetary
authority of a country controls the supply of
money
30. a policy or attitude of letting things take
their own course
33. the broadest quantitative measure of a
nation's total economic activity
34. an intergovernmental organization which
regulates international trade
37. having too much supply
38. to produce a greater quantity of a good,
product, or service than competitors, using the
same amount of resources
40. the state or quality of producing
something
42. something that incites to action or exertion
or quickens action, feeling, thought
43. a government-imposed price control or
limit on how high a price is charged for a
product
44. big businesses that override the
government
10. English economist whose ideas
fundamentally changed the theory and
practice of macroeconomics and the economic
policies of governments.
12. the system by which the value of a
currency was defined in terms of gold, for
which the currency could be exchanged
13. The depreciation of a country's currency
refers to a decrease in the value of that
country's currency
15. the ability of a firm or individual to
produce goods and/or services at a lower
opportunity cost than other firms
16. a political theory derived from Karl Marx
17. the level of employment rates where there
is no cyclical or deficient-demand
unemployment
18. an economic system where few
restrictions are placed on business activities
and ownership
19. allows business owners to measure the
additional benefits
22. the means by which a government adjusts
its spending levels and tax rates to monitor
and influence a nation's economy
23. a period of temporary economic decline
during which trade and industrial activity are
reduced
26. a policy followed by some international
markets in which countries' governments do
not restrict imports from, or exports to, other
countries
31. a range of economic and social systems
characterised by social ownership and
democratic control
32. a situation in which income exceeds
expenditures
35. A measure of the total output of a country
that takes the gross domestic product (GDP)
and divides it by the number of people in the
country.
36. a gov. program guaranteeing access to
some benefit by members of a specific group
& based on established right
39. A Scottish moral philosopher, pioneer of
political economy
41. a government- or group-imposed price
control or limit on how low a price can be
charged for a product