intro to B100

B001 review questions Last document update:   ago

 Microeconomics-The study of small economic units, such as individual consumers, families and businesses  Economics-Analysis of the choices people and governments make in allocating resources. o Supply: Amount of goods and services for sale at different prices.  Low supply of gas = higher prices. o Demand: Willingness and ability of consumers to purchase goods and services at different prices.  10 people want to buy your house.  Supply Curve- shows the relationship between d...