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Economics Vocabulary Crossword
Down
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2) A situation in which a firm's total revenues are less than its variable costs, and the firm is better of shutting down immediately and losing only its fixed costs.
4) A government's policy on taxes and spending.
5) Laws that regulate monoplies and cartels. Used interchangeably with competiton law (more common in the UK).
6) A market intervention in which the government keeps the price of a good or service above its free market price.
7) A group of firms that colludes and acts as a single co-ordinated whole to restrict output and drive up prices.
9) When the overall level of prices in the economy is rising.
10) Interest rates that measures the returns to a loan in terms of money borrowed and money retured (as opposed to real interest rates).
11) The study of the economy as a whole, concentrating on economy-wide factors such as interest rates, inflation, and unemployment. ______________ also ecompasses the study of economic growth and how governemts use monetary and fiscal policy to try to moderate the harm caused by recessions.
12) Periods of time in a business cycle during which an economy's total output expands.
14) An economy in which production and distribution are handled along the lines of long-standing cultural traditions.
16) The total supply of goods and serices in an economy.
19) Interest rates that compensate for inflation by measuring the returns to a loan in terms of units of stuff lent and units of stuff returned (as opposed to nominal interest rates).
22) A line on a graph that represents how much of a good or service sellers are going to produce at various prices.
24) Any monies collected by a firm above and beyond what is required to keep an entrepreneur owner interested in continuing in business; also known as rents.
25) Total costs, including money spent on production and opportunity costs.
26) The fact that people don't have enough resources to satisfy all their wants; the phenomenon that creates the need for economics.
28) Periods of time in a business cycle during which an economy's total output falls.
29) A firm with no competitors in its industry. A _____ firm produces less output, has higher costs, and sells its output for a higher price than it would if constrained by competition. These negative outcomes usually generate government regulation.
30) An economy in which the government directs all economic activity.
32) Goods or services that can't be profitably produced by private firms because they are impossible to provide to just one person; if you provide them to one person, you have to provide them to everybody. Because all consumers hope that somebody else is going to pay for public goods so that they can get them for free, nobody ends up paying. Public goods are defined as being non-excludable (you can't prevent anyone from consuming them) and non-rival (it costs no ectra to supply one extra person).
33) Machines, factories, and infrastructure used to produce output.
38) The study of how people allocate scarce resources among alternative uses.
40) Places where buyers and sellers come together to trade money for a good or service.
41) A measure of happiness that economists suppose people use to compare all possible things that they may experience.
Across
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1) Markets where people trade the property rights to assets (like real estate or stocks) or where savers lend money to borrowers.
3) The theory that the overall level of prices in the economy is proportional to the quantity of money circulating in the economy.
6) A market intervention in which the government ensures that the price of a good or service above its free market price.
8) The output level that maximises the benefits that society can get from its limited supply of resources.
13) A term describing firms that produce goods and services at the lowest possible cost.
15) The argument developed by David Ricardo that countries should specialise in producing those goods and services that it can produce most cheaply within the economy and import those that are more expensive to produce.
17) Adam Smith's famous idea that when constrained by competition, each firm's greed causes it to act in a socially optimal way, as if guided to do the right thing by an invisible hand.
18) A bundle of goods and servicesselected to measure inflation. Economists define a market basket, such as the Consumer Price Index, and then track how much money it takes to buy this basket from one period to the next.
20) An industry with only a few firms. If they collude, they form a cartel to reduce output and drive up profits the way a monopoly does.
21) Wages measured not in terms of money itself (as nominal wages are) but rather in terms of how much output that money can buy.
23) The value of the next best alternative thing that you could have done. It measures what you gave up in order to do the most preferred thing.
27) A situation in which a pair of prisoners (or firms) has to decide whether or not to co-operate. The dilemma is that although the individual incentives favour not co-operating, if both players figured out a way to co-operate, they'd be better off.
31) The sum of producer surplus and consumer surplus.
34) The part of economics that studies individual people and individual businesses. For people, ___________ studies how they behave when faced with decisions about where to spend their money or how to invest their savings. For businesses, it studies how profit-maximising firms behave individually, as well as when competing against each other in markets.
35) Costs that have to be paid even if a firm isn't producing anything.
36) Wages measured in money.
37) A decrease in the economy's stock of capital caused by wear and tear or obsolescence.
39) When the overall level of prices in the economy is falling.
42) How much total costs increase when produce one more unit of output.
43) The fact that, for most goods and services, prices and quantity demanded have an inverse relationship.
44) The amount by which total surplus is reduced whenever output is less than the socially optimal output level.
45) The whole range of quantities that a person or group of people with a given income and preferences demands at various possible prices.
46) A situation in which many firms with slightly different products compete. Production costs are above what may be achieved by perfectly competitive firms, but society benefits from the product differentiation.
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