This rate is very high during a depression and very low during times of prosperity.
3.
A part of the business cycle in which the economy (as measured by the GDP) is slowing down and unemployment is rising.
4.
What you give up when you choose something else is called ________ cost.
5.
A word that describes the worst economic times with high unemployment and business failures.
7.
(Three initials) Used to measure the total value of all goods and services in the US for over one year.
10.
Another word for human resources or the human effort which produces goods or services
11.
A general increase in the prices of goods and services
12.
The idea that there is never enough of a resource to satisfy everyone's wants
13.
The best economic times characterized by low unemployment and an increase in business expansion and profits
14.
This word is part of the business cycle characterized by improving economic times; unemployment is beginning to decrease.
16.
A productive resource that means "natural resources" and are NOT altered by man.
18.
The study of choices and how people use resources to satisfy their needs and wants (or how things are bought, sold and used)
20.
A economic system in which the government is a key player in making economic decisions
21.
A type of productive resource that has not been altered by man (synonym of 18 Across)
23.
Synonym of 5 Across
24.
Decisions made by the government usually related to taxing and govt spending with the goals of full employment, stable prices and economic growth (two words, no spaces).
Down:
2.
A economic system where people follow the decisions made by custom or past generations.
6.
Resources that contribute to making a product or a service.
7.
Products that consumers buy from sellers; anything that can be grown or manufactured.
8.
Things people do for other people
9.
A type of economic system in which buyers and sellers make all the decisions about what can be bought, sold and produced.
15.
A type of productive resource (synonymous with 10 Across)
17.
The amount of a good or service that consumers are willing to buy
19.
First word in the type of index or survey that measures the change in the cost of goods and services
20.
Any man-made resource used to produce a good or provide a service (also includes financial resources)
22.
The amount of goods or services that are available to consumers