Economics: Basics

_____ is the amount of a good or service available at any particular price.

What term describes the amount of a good or service that buyers are both willing and able to buy?

Economics is the study of:

Equilibrium price is when supply and demand are in balance; the quantity demanded equals the quantity supplied.

What term describes the cost of the activity chosen in terms of giving up the next best alternative?

________ describes limited resources: the fact that we don't have enough goods to satisfy everyone's wants or desires.

Microeconomics is the study of how individuals make choices & are influenced by economic forces.

Macroeconomics looks at the economy as a whole and studies all of the following factors EXCEPT:

A _____ means we have extra product left over due to lack of demand.

If the price of a product is set at its equilibrium price, there will be a surplus or shortage in product supplied.