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ECON 101- ECON Principles of Microeconomics Exam 1 study guide new Solution University of Iowa

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ECON 101- ECON Principles of Microeconomics Exam 1 study guide new Solution University of Iowa scarcity - --a situation in which unlimited wants exceed the limited resources available to fulfill those wants shortage - --a situation in which the quantity demanded is greater than the quantity supplied microeconomics - --the study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices macroeconomics - --the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth

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