Chapter 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 results from a difference in a good or service’s price. 

• Equilibrium Point 

• Point Equation

• Price Elasticity

•  Surplus