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

 

           

 

 

 

References