Principles of Economics 1.2 - Supply & Demand review questions Flashcards
What’s the ‘law of demand’?
What’s the ‘law of supply’?
What’s partial equilibrium analysis?
How are markets defined? Give an example
What model analyses markets?
What assumptions do we make when using the Demand & Supply Model?
What are ‘homogeneous goods’?
What does ‘ceteris paribus’ mean?
What does the Demand Curve look like?
What factors affect Demand?
What does the Supply Curve look like?
What factors affect Supply?
What can we use to depict Supply & Demand mathematically?
What 2 forms do functions come in?
What does a steep curve in a S&D curve mean?
What does a shallow curve in a S&D curve mean?
What’s ‘elasticity’?
How is elasticity captured?
What are the 4 types of elasticity?
What’s price elasticity of demand? Give the equation too
What’s ‘price elasticity of supply’? Give the equation too
What value is a PED if it’s Elastic?
What value is a PED if it’s Inelastic?
What value is a PED if it’s Unit Elastic?
What’s ‘Income elasticity of demand’?
What’s ‘Cross price elasticity of demand’?
