Write the definition for each of the following 1. Law of Demand 2. Law of Supply 3. Price Elasticity of Demand 4. Macroeconomics 5. Microeco

/in /by

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?

 

  1. I
  2. II
  3. III
  4. IV

 

 

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

 

  1. I
  2. II
  3. III
  4. IV

 

 

 

References