MA1 ECONOMIC Crossword

The total amount of goods and services consumers are willing to buy.
The total supply of all the goods and services available in an economy.
A graph illustrating the relationship between real GDP and time. The y-axis is real GDP. The x-axis is time. The four main parts of the business cycle includes the recovery/expansion, the peak, contraction/recession, and trough.
Economic measure of inflation in the domestic economy, and is determined by tracking the prices of a specific set of goods and services purchased by the public.
Phase of the business cycle is a period in which real GDP is declining.
Unemployment that is caused by a downturn in the business cycle.
General decrease in the level of prices.
Prolonged period of economic decline with large numbers of unemployed, shrinking incomes, and general economic hardship.
Increase in the value of the goods and services produced by an economy.
Lasts until real GDP reaches the level of the previous peak.
Based on transaction made in the product market. The purchases made in the product market include household and business expenditures, government spending, and foreign expenditures. (Changes in these result in a shift of the aggregate demand curve)
Unemployment caused by people changing jobs.
When a government spends more money than it takes in.
Total value of all the goods and services produced within a country in a given year.
Based on transactions made in the factor market. Each of the factors of production earn a specific income payment. Firms pay rent for land, pay wages for labor, pay interest for capital, and pay profits who start /own businesses.
This is the study of an economy as a whole.
GDP uses market prices of goods and services for calculations. The use of market prices is one problem with the accuracy of GDP because people often buy at discounted prices.
Total amount of money a nation owes its creditors.
Refers to the highest point of real GDP between the end of an economic expansion and the beginning of an economic contraction.
A decline in a country's GDP for two or more successive quarters. It is usually characterized by a significant decline in economic activity
Occurs when real GDP becomes positive after a period of negative real GDP.
This is a period of large price inflation combined with no output growth, increasing unemployment, and a recession.
Unemployment that is caused by changes in technology or reduced demand for certain products.
The lowest point of real GDP between the end of a contraction and the beginning of a recovery.
Refers to the percentage of the civilian workforce who are available for a job but do not have one.
This is the lack of jobs for willing workers.