Chapter 1 - Basic Economic Concepts

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7 Terms

1
Individual choice
________: Decisions that involve making a choice from a limited number of options because not all of the options can be chosen.
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2
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.
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3
business cycle
The ________ incorporates the changes between the economic state of positive and negative changes, commonly referred to in the macro- economy.
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4
Hooverville
The ________ town was named after President Herbert Hoover, elected in 1928.
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5
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.
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6
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.
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7
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.
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