ECO 365 Week 1 Economic Definitions Worksheet

Jun 5th, 2016
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University of Phoenix
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Week 1 Economic Definitions Worksheet Complete the Economics Definitions Worksheet. Click the Assignment Files tab to submit your assignment.

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Supply and Demand CurvesECO/365 Version 8Week 1 - University of Phoenix MaterialEconomics - DefinitionsComplete the following. Include your references using APA formatting.Write the definition for each of the following:1. Law of DemandIn economics, the law of demand states that, all else being equal, as the price of aproduct increases, quantity demanded falls; likewise, as the price of a product decreases,quantity demanded increases.2. Law of SupplyThe law of supply is a fundamental principle of economic theory which states that, all elseequal, an increase in price results in an increase in quantity supplied. In other words,there is a direct relationship between price and quantity: quantities respond in the samedirection as price changes.3. Price Elasticity of DemandPrice elasticity of demand is a measure used in economics to show the responsiveness,or elasticity, o

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