The study of how society manages its scarce resources is called: [BLANK-1]

Economics deals primarily with the concept of

Whatever must be given up to obtain some item is called: [BLANK-1]

In the figure shown, a binding price ceiling is shown in

A market is a

The word economy comes from the Greek word for

A price floor

The law of demand says that when price

If a good is normal, then an increase in income will result in

The amount of the good buyers are willing and able to purchase is the