Chapter 1 - Basic Economic Concepts

Individual choice

________: Decisions that involve making a choice from a limited number of options because not all of the options can be chosen.

Economic interactions

________ are understood by viewing markers for a specific item, rather than viewing the larger scale of items, a variety, or a selection to choose from, as too many options can also pose negative contributing factors.

business cycle

The ________ incorporates the changes between the economic state of positive and negative changes, commonly referred to in the macro- economy.

Hooverville

The ________ town was named after President Herbert Hoover, elected in 1928.

unemployment rate

The term ________ refers to the percentage of people working in the labor force that does not have a job, often used for analytical purposes for understanding the conditions of the job market, such as whether or not the stock market is providing positive or negative variable changes.

American Economic Association

The ________ has yearly meetings that invite thousands of economists regardless of their age, gender, and identity to participate in viewing sixty presentations that take place at the same time.

Depression

________ is an extremely deep negative change that takes place for a long period of time and can not be easily changed by contributing factors.