The amount of goods available to consumers.
What is supply?
Consumers willingness and ability to buy products.
What is demand?
This is the x-axis of a supply and demand curve.
What is quantity?
An economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation.
What is a market economy?
Limited quanitities of resources to meet unlimited wants.
What is scarcity?
This is the y-axis of a supply and demand curve.
What is price?
This curve slopes downward.
What is the demand curve?
An economy in which private enterprise exists with government regulation.
What is a mixed economy?
the study of the economy as a whole on regional, national, and global levels
What is macroeconomics?
This curve slopes upward.
What is a supply curve?
A situation where quantity demanded is more than quantity supplied.
What is shortage?
An economic system in which the government controls a country's economy
What is a command economy?
The next best alternative given up when a decision is made.
What is opportunity cost?
A situation in which quantity supplied is greater than quantity demanded.
What is surplus?
This is the point on a supply and demand graph where supply equals demand.
What is equilibrium?
The USA has this type of economic system.
What is a mixed economy?
the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
What is microeconomics?
Suppliers offer more of a good at a higher price.
What is the law of supply?
Consumers buy more of a good when its price decreases and less when its price increases.
What is the law of demand?
North Korea has this type of economic system
What is command economy?