The quantity of goods households are willing to buy in a market. At a given price and in a given period of time.
The quantity of goods firms are willing to sell in a market. At a given price and in a given period of time.
Examines the economy as a whole.
Examines individual consumers, firms and markets in the economy.
Means an opinion that cannot be scientifically tested.
A statement that can be scientifically tested.
Only a limited amount of resources are available to produce the unlimited quantity of goods and services people desire.
A good which is used by consumers to meet their needs.
A good which is used to produce other goods, including consumer goods.
Improves methods of producing existing goods and enables completely new types of good to be produced.
The cost of the next best alternative sacrificed.
A resource which is scarce and runs out when used.