Basic Economic Problem : asserts that an economy's finite resources are insufficient to satisfy all human wants and needs.
Supply : make (something needed or wanted) available to someone; provide.
Demand : an insistent and peremptory request
Macroeconomics- Evaluate the economic behavior of the entire economic system, Big picture to determine if society is using resources effectively
Microeconomics- Small parts of the economy to see how individuals make decisions, Examine the relationship between the consumer and producer
Pure Competition-Many suppliers offering similar products, Prices determined by how much a consumer is willing to pay.
Monopoly- One supplier offers a unique product. Supplier has almost total control and consumers must be able to accept what supplier offers at the price charged
Oligopoly- Few business offering similar product/services
Monopolistic competition- Many firms competing with products that are slightly different