Chapter 1 - Basic Economic Concepts (copy)

Individual

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

business cycle

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

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.