Unit 1, Basics of Economics

This type of unemployment is someone between jobs

Which one represents the 4 factors of Production?

What people will pay to buy an item and what sellers will sell it for.

This type of unemployment is someone unemployed because of technology advances

Our resources are

This type of unemployment is due to the season

Our wants are

The BLS determines unemployment. Which factor is included in the survey of households?

Where supply and demand intersect

The United States is a __________economic system

This type of unemployment is someone unemployed due to a decline in business

The second best alternative choice is the

This represents the decisions of the buyers

The study of how people make decisions with unlimited wants and limited resources

The rules that a society uses to determine what and how to produce it, and how to distribute it

This represents the decision of the sellers