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Micro vs Macro econ-

micro and macro economics

QuestionAnswer
Inflation increase in the general value of prices
Bluecollar unskilled labor; learned on the job
White collar requires college degree
Macro Large
Micro Small
Demand What buyers are willing and able to buy
Supply What sellers are willing and able to offer
The Law of Demand The higher the price, the less demand
The Law of Supply The higher the price, the greater quantity supplied
Market Equilibrium When the quantity supplied equals the quantity demanded
Shortage When demand exceeds supply
Surplus When supply exceeds demand
Monopoly When one firm controls an industry
Oligopolies When a few firms control and industry
Created by: bsteele79
 

 



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