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

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

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

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

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

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

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

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

A geographic area where sellers offer their goods and services in exchange for consumer dollars

The cost per unit will be reduced when total output of the product is increased.

__________ is the value of all goods and services produced in a country in a specific period of time.

A _______________ is a market situation where there is only one producer who controls the supply of a good or service.

A _________________ is a market situation where there are few producers who control the supply of a good or service.

The Business cycle consists of recession, recovery, growth and decline.

Analyzing supply and demand would be a micro-economic principle.

When demand for a good or service exceeds the available supply this is known as a surplus.

A market situation where there are a few competing firms is known as a monopoly.

Supply meets demand at the equilibrium point.