Microeconomics definition 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.

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

References