Microeconomics studies:, Behavior of countries, Individual consumers and firms, Printing more money, Measuring GDP, The main economic problem is:, Inflation, Unemployment, Scarcity of resources, Lack of education, Scarcity means:, Not enough resources, Everything is expensive, Government controls prices, People do not buy, Opportunity cost is:, Total money spent, Next best alternative, Income received, Cost-revenue difference, Which is NOT a factor of production?, Land, Labor, Money, Capital, The law of demand states that:, Price rises, demand rises, Price rises, demand falls, Income falls, demand rises, Price does not affect demand, The law of supply states that:, Price rises, supply rises, Price falls, supply rises, Supply unchanged by price, Demand equals supply, The equilibrium price is where:, Supply is zero, Demand equals supply, Government sets price, Sellers make a loss, When demand is greater than supply, there is a:, Surplus, Shortage, Equilibrium, Recession, A normal good is one where:, Demand increases with income, Demand decreases with income, Demand unchanged by income, Negative price, The main participants in an economy are:, Consumers, firms, government, Only producers, Banks and teachers, Factories and shops, Which is a microeconomic topic?, Inflation rate, Government budget, Price of coffee, Unemployment rate, Utility in economics means:, Satisfaction from a good, Usefulness of technology, Profit of a firm, Government service, If a company increases car production, it is related to:, Microeconomics, Macroeconomics, Global economics, Political science, A market is:, Place for buyers and sellers, Only a supermarket, Government building, Place to store goods.

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