ECONOMIC DEFINITIONS WORKSHEET
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Supply and Demand Curves ECO/365 Version 7 |
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University of Phoenix Material
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
References
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