It is the branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity. It analyzes the broad aspects of a country’s economy.

It is the situation in which available resources, or factors of production, are finite, whereas wants are infinite

The decisions which are made by firms, individuals, and or governments regarding which needs and wants to satisfy, and what types of products and services should be produced and bought.

It is your second choice-what you give up when you make a decision.

The amount of a good or service that is available to consumers

Generally speaking, the lower the price, the greater the quantity demand.

For the law of demand, as price rises, what happens to quantity demanded?

For the law of supply, as price rises, what happens to quantity supplied?

If the price of printers goes down, what happens in the market for ink cartridges?

The point where supply and demand are balanced

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?