FIGURE EX 8-1 
In Figure EX 8-1 above, the phrase Median Income is the ____.
Definitions:
Economic Theory
A framework or set of principles used to analyze and make predictions about economic behaviors and phenomena.
Teenage Unemployment
The scenario reflecting the unemployment rate among teenagers, often highlighting challenges in job market access and entry-level job availability for young individuals.
Minimum Wage
The lowest legal wage that employers can pay workers, set by government policy with the aim to ensure a minimum standard of living for employees.
Normative Economics
A branch of economics that expresses value judgments about economic fairness or what the economy should be like.
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