The 50/30/20 Rule states that 50% of your after-tax income should be spent on __.

You spend time and money going to a movie. In return, you cannot spend your time at home reading a book and your money buying your mom a gift. This is next-highest-valued alternative illustrates what concept?

Resources are items that people use to make/obtain what they need/want

Business is weakened if competition exists.

Which is NOT a factor of production?

Economics is the study of how individuals & groups of individuals strive to satisfy their needs/wants by making choices.

In perfect competition, the quantity demanded (demand) and the quantity supplied will be equal. This is called the __.

In the 1700's the US was primarily an agricultural-based economy. Today were are primarily a(n) ___ based economy.

The U.S. has the highest standard of living.

__ is the a cycle or series of cycles of economic expansion and contraction. (Includes prosperity, recession, recovery, and depression)