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

 

 

1. Law
   of Supply

 

 

1. Price
   Elasticity of Demand

 

 

1. Macroeconomics

 

 

1. 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