ECO 365 Week 1 Economic Definitions Worksheet

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ECO 365 Week 1 Economic Definitions Worksheet


Economics - Definitions
Complete the following. Include your references using APA formatting.


Write the definition for each of the following:

1. Law of Demand


2. Law of Supply


3. Price Elasticity of Demand


4. Macroeconomics


5. Microeconomics



Identify 2 Products whose demand is price elastic.

Identify 2 products whose demand is price inelastic.

Which of the following graphs best demonstrates the law of demand?

a) I
b) II
c) III
d) IV


Which of the following graphs best demonstrates the law of supply?

a) I
b) II
c) III
d) IV





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