Social Studies, 06.03.2021 04:00 historyfanboy101
2. Identify the role of businesses in the circular flow.
3. Identify the role of workers/individuals in the circular flow.
4. Define "The Law of Demand”.
5. Explain the substitution effect and give an example from your personal life
6. List & explain 3 factors that affect demand
7. Explain price elasticity and name 1 product this is elastic and 1 that is inelastic
8. Define "The Law of Supply"
9. List 3 determinants (factors) of supply.
10. What are the two main variables in the law of supply and what is the relationship between the two?
Answers: 3
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2. Identify the role of businesses in the circular flow.
3. Identify the role of workers/individual...
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