Introduction to Economics

Microeconomics is the study of individuals and business ______.

Macroeconomics looks at the decisions of countries and ______.

Price Theory states that the price for goods and services is determined by supply and ______.

Positive Economics considers economic conditions 'as they ______'.

An economic theory is a set of ideas and principles that outline how different ______ function.

Normative Economics deals with the way economic relationships ______ to be.

Value judgments play an integral part in ranking possible objectives in ______ economics.

Microeconomics examines the economic behaviors of individuals, households, and ______.

Economics takes a wider view and looks at the economies on a much larger scale—regional, national, continental, or even ______.

Adam Smith is known as the 'FATHER OF ______.'

Economic activities are related to production, distribution, exchange, and consumption of goods and ______.

The primary aim of the economic activity is the production of goods and services with a view to make them available to ______.

Economic activities are those efforts which are undertaken by man to earn income, money, wealth for his life, and to secure maximum satisfaction of ______.

The word ECONOMICS comes from the Greek word 'oikonomia' which means management of ______.

The main economic problem is ______.

The primary sector refers to that sector of the economy that uses natural resources to produce ______.

Every economy must somehow solve three basic economic problems: what should be produced, how goods and services should be produced, and for whom are the goods and services ______.

The direction in which the demand will change in response to a change in income depends on the type of ______.

Normal Goods refer to a good for which demand at every price ______ when income rises.

Inferior Goods refer to a good for which demand falls when income ______.

Public transportation is a good example of ______ goods.

The law of supply and demand explains the interaction between the sellers of a resource and the buyers for that ______.

The quantity of good demanded within the period depends not only on price in that period but also on prices expected in ______ periods.

Consumers/buyers are willing and ______ to purchase a certain number or amount of goods and services at various prices.

A ______ curve shows the relationship between the quantity of good supplied and its corresponding price.

The government imposes a ______ price to protect consumers when there is excessive demand.

A minimum price imposed by the government is referred to as a price ______.

Price elasticity of demand measures the responsiveness of quantity demanded to a change in ______.

The formula for elasticity is the percentage change in quantity demanded divided by the percentage change in ______.

The Greek letter ______ is used as a symbol for elasticity.

The concept of elasticity includes price elasticity of demand, income elasticity of demand, and cross-price elasticity of ______.

The expected price elasticity of demand is ______ because the relationship between price and quantity demanded is inversely related.

The amount of goods and services that the producers are willing and able to sell is known as the ______.

The relationship between demand and its determinants can be represented by a ______ function.

According to the Law of ______, as the price increases, quantity supplied also increases.

Ceteris Paribus is a Latin phrase meaning 'all else being ______.'

An increase in the price of an input in the cost of production decreases the quantity ______.

State-of-the-art technology increases the quantity of goods and services, causing a reduction in production ______.

Expectations about future prices are referred to as price ______.

The Law of Demand states that price and quantity demanded are ______ proportional.

The amount producers are willing and able to offer is known as ______.

An increase in the number of firms in the market leads to an increase in ______.

A condition when the quantity demanded exceeds quantity supplied is known as a ______.

When the quantity supplied is greater than quantity demanded, it results in a ______.

The amount of a good bought and sold in the market at a prevailing equilibrium price is referred to as ______ quantity.

The more available the input or raw material used in production, the ______ the supply of that good.

Price controls by the government are designed to prevent market fluctuations; these include price ______ and price floors.

The mathematical expression for supply is Qs = c + dP, where Qs stands for quantity supplied and P represents ______.