Principles of Economics 1.2 - Supply & Demand review questions Flashcards
1
Q
What’s the ‘law of demand’?
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2
Q
What’s the ‘law of supply’?
A
3
Q
What’s partial equilibrium analysis?
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4
Q
How are markets defined? Give an example
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5
Q
What model analyses markets?
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6
Q
What assumptions do we make when using the Demand & Supply Model?
A
7
Q
What are ‘homogeneous goods’?
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8
Q
What does ‘ceteris paribus’ mean?
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9
Q
What does the Demand Curve look like?
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10
Q
What factors affect Demand?
A
11
Q
What does the Supply Curve look like?
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12
Q
What factors affect Supply?
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13
Q
What can we use to depict Supply & Demand mathematically?
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14
Q
What 2 forms do functions come in?
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15
Q
What does a steep curve in a S&D curve mean?
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