Entre Chp. 3

The change in consumer demand as a result of a change in a good or service's price.

The cost per unit will be reduced when total output of the product is increased.

A _________ is a market situation where there are few producers who control the supply of a good or service.

The business cycle consists of recession, recovery, growth and decline.

All of the following are examples of macro-economics principles except:

_______ is the value of all good and services produced in a country in a specific period of time.

The point at which supply meets demand is known as _______.

The gap between limited resources and unlimited wants is known as ________.

When demand for a good or services exceeds the avaliable supply this is known as a surplus.

A geographic area where sellers offer their goods and services in exchange for consumber dollars

A _____ is a market situation where there is only one producer who controls the supply of a good or service

The quantity or how much the market can provide is known as ______.

The amount of an asset or resource that exceeds the amount that is utilized.

The study of production, distribution and consumption of goods and services.

The study of the economy with a narrow scope. Looking into individuals and firms.

Supply meets demand at the equilibrium point.

The amount of a product or service is desired by buyers is known as __________.

Analyzing supply and demand would be a micro-economic principle

The study of the economy with a large scope. Looking at regional, national and global units.

A market situation where there are a few competing firms is know as a monopoly