Chpt 3 Economics 101

The gap between limited resources and unlimited wants is known as ______________. 

• demand

• scarcity

• supply

• surplus

The quantity or how much the market can provide is known as ______________. 

• demand

• scarcity

• supply

• surplus

The amount of a product or service is desired by buyers is known as ______________. 

• demand

• scarcity

• supply

• surplus

The amount of an asset or resource that exceeds the amount that is utilized. 

• demand

• scarcity

• supply

• surplus

All of the following are examples of macro-economic principles except: 

• national income

• inflation

• unemployment

• price

The study of the economy with a large scope. Looking at regional, national and global units.

• macro-economics

• micro-economics

• economics

• supply and demand

The study of the economy with a narrow scope. Looking into individuals and firms. 

• macro-economics

• micro-economics

• economics

• supply and demand

The study of production, distribution and consumption of goods and services.

• macro-economics

• micro-economics

• economics

• supply and demand

The point at which supply meets demand is known as ___________.

• equilibrium point

• point equation

• relativity

• surplus

 The change in consumer demand as a result of a change in a good or service’s price. 

• equilibrium point

• point equation

• price elasticity

• surplus