Unit 1, Basics of Economics

This represents the decisions of the buyers

Which one represents the 4 factors of Production?

Our resources are

The United States is a __________economic system

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

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

This type of unemployment is due to the season

Our wants are

The second best alternative choice is the

This type of unemployment is someone between jobs

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

Where supply and demand intersect

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

This type of unemployment is someone unemployed because of technology advances

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