Basics of Economics

Desires that people have that can be met by getting a product or service.

As the cost of producing a good or service goes up, producers tend to:

The building and tools needed to produce your product or service

In general, as consumer income goes up, this causes:

Why is it a problem that consumers have unlimited wants?

If more consumers enter the market and buy more of a product, willingness to supply would:

When there are fewer suppliers of a product, price tends to:

The amount of a good or service that producers are willing and able to sell at various prices.

What is economics?

Which of the following impacts a producer's price of a product?

This occurs when we don't have enough resources to produce all the things we'd like to have.

The amount of a good or service that consumers are willing and able to buy at various prices is