Across
- The system of fixed exchange rates, abandoned in the Great Depression, by which the value of a currency was defined in terms of gold, for which the currency could be exchanged.
- Economic reward or punishment, which influences the benefits and costs of alternative courses of action.
- A decrease in the general price level.
- A period when output is declining. It is over once the economy begins to grow again.
- A person who creates or is an early adopter of new technologies, organizational forms, and other opportunities.
- An increase in the general price level in the economy.
- A situation in which the quantity of a good supplied is greater than the quantity demanded at the current price.
- The effect on total cost of producing one additional unit of output. It corresponds to the slope of the total cost function at each point.
- The stock of knowledge, skills, behavioural attributes, and personal characteristics that determine the labour productivity or labour earnings of an individual.
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Down
- The period of a sharp fall in output and employment in many countries in the 1930s.
- A market with a small number of sellers, giving each seller some market power.
- A process by which the economies of the world become increasingly integrated by the freer flow across national boundaries of goods, investment, finance, and to a lesser extent, labour.
- A good that is valued, and for which there is an opportunity cost of acquiring more.
- The study of how people interact with each other and with their natural surroundings in providing their livelihoods, and how this changes over time.
- A firm that is the only seller of a product without close substitutes. Also refers to a market with only one seller.
- Costs of production that do not vary with the number of units produced.
- The relocation of part of a firm’s activities outside of the national boundaries in which it operates.
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