Unit 1: Entrepreneurship and Economics Study Guide

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 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

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