Macroeconomics Vocabulary Builder

Basic Economic Concepts Across

1. The type of policy governments follow
1 2 3 when they do little or nothing to
- regulate the economy. (2 words)
5. A contraction of the economy in which
there's a decrease in total output over
4 5
two consecutive quarters (6 months).
8. _____ economy: Economic system
6 7
that uses central government
8 9 planners to determine the production
- and distribution of goods and services.
10 11 9. An early, influential, economist who
wrote of the "invisible hand." (2
12 13 14
words)
12. General increase in prices over time,
15
- during which many prices in the
16 economy rise.
15. Human physical and mental effort
17 used in producing goods and services.
16. A place where buyers and sellers
exchange goods or services for a
-
price on which they agree.
18
17. A situation in which there are not
enough resources to satisfy
everyone's wants.
19 20 18. The ability to create new ways of
combining the factors of production to
21
create new products or produce old
products more efficiently.
19. _____ capital: Tangible types of
22 capital, such as machinery and
- buildings.
21. A object that satisfies a want.
22. Economic system that is transforming
from one economic system to
another. (2 words)

Down
2. Economic system in which buyers and sellers freely
decide what to trade and with whom to trade. (2 words)
3. Something used in creating a good or a service,
including land, labor, capital, and entrepreneurship. (3
words)
4. _____ market: Where finished goods and services are
exchanged.
6. Equipment, buildings, and human abilities used in
producing goods and services.
7. A social science concerned with the study of human
behavior constrained by scarcity.
10. _____ capital: Intangible types of capital possessed by
people, such as knowledge and skill.
11. An activity that satisfies a want. _____________
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13. _____ good: A good people want that is not scarce.
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14. _____ market: Where resources and semi-finished
further information.
products are exchanged.
19. Terms of trade established in a market when buyers
trade money to sellers in exchange for goods and
services.
20. Natural resources used in producing goods and services.