unlimited wants & needs
Y-axis
X-axis
limited resources
100

The amount of goods available to consumers.

What is supply?

100

Consumers willingness and ability to buy products.

What is demand?

100

This is the x-axis of a supply and demand curve.

What is quantity?

100

An economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation.

What is a market economy?

200

Limited quanitities of resources to meet unlimited wants.

What is scarcity?

200

This is the y-axis of a supply and demand curve.

What is price?

200

This curve slopes downward.

What is the demand curve?

200

An economy in which private enterprise exists with government regulation.

What is a mixed economy?

300

the study of the economy as a whole on regional, national, and global levels

What is macroeconomics?

300

This curve slopes upward.

What is a supply curve?

300

A situation where quantity demanded is more than quantity supplied.

What is shortage?

300

An economic system in which the government controls a country's economy

What is a command economy?

400

The next best alternative given up when a decision is made.

What is opportunity cost?

400

A situation in which quantity supplied is greater than quantity demanded.

What is surplus?

400

This is the point on a supply and demand graph where supply equals demand. 

What is equilibrium?

400

The USA has this type of economic system.

What is a mixed economy?

500

the study of the economic behavior and decision making of small units, such as individuals, families, and businesses

What is microeconomics?

500

Suppliers offer more of a good at a higher price.

What is the law of supply?

500

Consumers buy more of a good when its price decreases and less when its price increases.

What is the law of demand?

500

North Korea has this type of economic system

What is command economy?