Chapter 1 Vocab Crossword

Is the structure of production, distribution, and consumption of goods and services
Is an economy in which privately owned businesses operate and compete for profits with limited government regulation or interference
All economic systems attempt to resolve the problem of limited resources and unlimited needs and wants
Is the choice of one item while giving up another
Is the loss of one alternative when one chooses another
The price and supply tend to follow demand
Occurs when only one seller offers a given product or service for sale
Were passed to promote competition and fair trade and to prevent monopolies and other trade restraints
Refers to the federal government's taxing and spending decisions
Is the total dollar value of final goods and services produced within the country in one year
Is a measure of the average change in price over time for selected goods and services
Is a slowing of economic activity marked by high unemployment, a decline in retail sales, lowered personal incomes, decreases in consumer spending, and less spending by business
Rising prices; occurs when spending increases at a faster rate than supply
Refers to actions the Federal Reserve Board takes to change the supply of money and credit
Is a tax on imports that makes them expensive to consumers
Buying from other nations
Selling to other nations
Refers to the ever growing interconnection of economies among all the countries of the world
Refers to work preformed
Refers to the items produced
Is the value of one currency compared to another
Currency in Europe for non cash transactions such as credit cards, checks, and electronic transfers
Is a limitation on the number or quantity of imports allowed into the country
Buying more products than we sell
Is the buyer or user of goods and services
Is the study of the production, distribution, and consumption of goods and services
Refers to the development and production of computer and telecommunications hardware, software, and services which are used to deliver information
An account of the flow of goods, services, and money coming into and going out of the country
It is a policy discouraging imports through trade barriers
Can defined as the application of scientific knowledge to practical uses and product development
Any action taken to control or limit imports