Chapter 1 - Basic Economic Concepts

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Individual choice

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.

Hooverville town

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

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.

Recession

________ refers to a period of reduced economic activity.

Unemployment Rate

__________ 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

The Business Cycle

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

The Great Depression

_________ took place during August 1929 – March 1933, as the duration of 43 months left a great impact on the US Economy.