B001 review questions
Microeconomics-The study of small economic units, such as individual consumers, families and businesses Economics-Analysis of the choices people and governments make in allocating resources. o Supply: Amount of goods and services for sale at different prices. Low supply of gas = higher prices. o Demand: Willingness and ability of consumers to purchase goods and services at different prices. 10 people want to buy your house. Supply Curve- shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand. Demand Curve- shows the amount of product buyers will purchase at different prices. o Driven by variety of factors like competition, price, larger economic events, and consumer preferences. o Economics balance of what we want and what we can afford. A change in overall demand, shifts to a new demand curve Supply and demand curves meet at the equilibrium price. Buyers and sellers make choices that restore the equilibrium price. Macroeconomics-Issues for the entire society
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