AP Macro - Mods 1 and 2

Latin for "other things equal"

A falling overall price level.

What you give up to get something else.

What type of statement is this: "How much revenue would be gained from a 10% tax increase?"

A factor of production referring to all resources coming from nature.

Quantity of goods and services produced.

The total number of people without a job and are looking for one.

Periods of economic upturns when output and employment are rising.

In a ___ economy, decisions of individual producers and consumers determine production.

Economics is the study of _____ and choice.