ECO 204 Entire Course Principles of Microeconomics
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ECO 204 Week 1 DQ 1 Circular Flow Diagram
Circular Flow Diagram. Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.
ECO 204 Week 1 DQ 2 Supply and Demand
Supply and Demand. Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?
ECO 204 Week 1 Quiz
(1) In economics, scarcity means that
(2) If beans are inferior goods, a decrease in income will
(3) Which of the following is a macroeconomic issue?
(4) In Collegia, a small college town, the market for parking spaces is in equilibrium at a going price of $5 a day. There are 1,500 spaces and they are all sold every day with no unsatisfied buyers. Now the college takes in 200 more students, each of whom also wants a parking space at $5 a day. If there is a normal, upward-sloping supply curve, what will happen when the market has time...