Microeconomics

Front

A study of economics in terms of individual areas of activity or single factors.

Back

Microeconomics

Front

This diagram shows the characteristics and/or relationships between households and businesses in the economy.

Back

Circular Flow Diagram

Front

Demand is the quantity the _____________ is willing to buy

Back

Consumer

Front

Supply is the quantity the __________ is able to sell at a price.

Back

Producer

Front

Quantity of the goods that the buyers are able matches the quantity being sold.

Back

Equilibrium Price

Front

The seesaw is an example of which law?

Back

Law of Demand

Front

The elevator is an example of which law?

Back

Law of Supply

Front

What is the cross section of the graph called?

Back

Equilibrium Price

Front

A set Price above the Equilibrium Price is the __________

Back

Price Floor

Front

A price set below the Equilibrium Price is the _______________

Back

Price Ceiling