Microeconomics

Study of how individuals/companies make decisions to allocate scarce resources, helps in understanding how they prioritize their wants.

• Economics

• Microeconomics

• Macroeconomics

Refers to the quantity of a product or service sellers are willing to sell.

• Supply

• Demand

• Utility

Refers to the quantity of a product or service buyers desire to buy.

• Supply

• Demand

• Utility

Products that are frequently consumed together. When the price of a product decreases, it leads to an increase in demand for both the product.

• Substitute Products

• Unrelated Products

• Complementary Products

Product that could generally take the place of another product.

• Complementary Product

• Substitute Product

• Unrelated Product

States that when the price of a product increases, the quantity supplied increases too.

• Law of Supply

• Law of Demand

• Law of Utility

States that the quantity demanded and the price of a product are inversely related.

• Law of Supply

• Law of Demand

• Law of Utility

True or False.

MARKET EQUILIBRIUM occurs at the price where quantity demanded equals quantity supplied.

• TRUE

• FALSE

True or False.

Economics is the study of production, distribution, and consumption.

• TRUE

• FALSE

True or False.

Demand curve shows the quantity of a product supplied at different prices.

It is usually upward sloping from left to right.

• TRUE

• FALSE