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Over time the US economy has had - ✔✔Fluctions in growth and
unemployment
Percentage Distribution of Households by Annual Money Income, US, 1997
Using the table, 71% of the households in 2000 had annual incomes of -
✔✔More than $25,000
Economics is best defined as the study of how - ✔✔Resources are
apportioned to satisfy human wants
Economists generally classify economic resources into the following three
categories: - ✔✔Land, Labor, and Capital
Society's pool of knowledge concerning the industrial arts is called -
✔✔Technology
The purpose of an economic model is to - ✔✔Make predictions about the
real world
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, When Adam Smith described the invisible hand, he was talking about -
✔✔The Price System
Diagram:
For this economy to produce 5 million units of consumer goods and 3
million units of defense goods, - ✔✔The production possibilities curve must
be pushed outward
The US economy may be best characterized as an example of - ✔✔Mixed
Capitalism
A market demand curve - ✔✔Shows the amount buyers would like to
purchase at various prices
A decrease in demand - ✔✔Means that the demand curve has shifted to
the left
In general, supply curves slope upward to the right because - ✔✔Rising
prices motivate producers to offer more units for sale
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