AP-Macroeconomics Unit 1

The real cost of an item is its __________ or what you must give up in order to get it.

This is a model of how a competitive market works.

Coal, Corn and paper are associated back to this main resource.

This is the willingness of people to organize & assume risks involved with business ventures

Land, Labor, Capital, and Entrepreneurship is known in economics as the_______.

Efficient production exists when the economy is _____

People who better understand the econ. from the gov. perspective tend to use this analysis

The labor force is the sum of Employment & ______

This is the study of the economy as a whole.

this economic disaster lasted from 2008 until 2010

Someone makes a ________when they give up something to get something else.

These are periods of economic downturns when output and employment are falling.

All Resources are ________

this economic disaster lasted from 1929 until the late 1930s

This branch of Economic analysis makes predictions about the way the economy should work.

In a given economy, __________ is the total number of people currently working for pay.

This is the short-run alternation between economic downturns and economic upturns.

This is the study of how people make decisions & how those decisions affect others in the econ.

This is the branch of economic analysis that describes the way the economy actually works.

increase in an econ. resources & progress in technology, are the two general sources of this.