Economic Definitions

Economic Definitions

Complete the following.  Include your references using APA formatting.

Write the definition for each of the following :

1. Economics - Definitions

2. Law of Demand

3. Law of Supply

4. Price Elasticity of Demand

5. Macroeconomics

6. Microeconomics

Identify 2 Products whose demand is price elastic and explain why.

Which of the graphs for the 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