Complete all the task in three attachments Economics Unit 2 Assignments 1, 2, 3 Reading From your textbook: Chapter 1: What is Economics? An Economic Way of Thinking Scarcity and Choice Opportunity Costs Exchange Chapter 2: Economic Systems Types of Economic Systems Features of the U.S. Economy The U.S. Economy at Work Supplemental: Visit the Holt Online Learning Portal for supplemental readings, practice questions, Holt Economics Internet Resources Materials https://go.hrw.com/hrw.nd/gohrw_rls1/pKeywordResults?keyword=sm3%20toc Publisher: Holt, Rhinehart & Winston Title: Economics Author(s): Robert L. Pennington Year Published: 2003 Student edition: ISBN 0030646847 Videos Law of demand https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/demand/v/law-of-demand The law of demand states that as the price of a good decreases, the quantity demanded of that good increases. In other words, the law of demand states that the demand curve, as a function of price and quantity, is always downward sloping. In this video, we explore the law of demand and its implications for graphing demand curves. Created by Sal Khan. Law of supply https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/supply/v/law-of-supply In this video we explore the law of supply which states that quantity supplied increases as price increases. We use a supply schedule to describe the quantities a seller is willing to sell at different prices, and then translate the supply schedule into a supply curve that illustrates the law of supply. Created by Sal Khan. Market equilibrium https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/market-equilibrium-disequilibrium-and-changes-in-equilibrium/v/market-equilibrium An equilibrium exists in a market when there is no pressure for the market price to change. Learn about what it means for a market equilibrium to exist, and how to identify a market equilibrium in a market model. Created by Sal Khan. Introduction to price elasticity of demand https://m.youtube.com/watch?v=J82_xd5XxXg How much does quantity demanded change when price changes? By a lot or by a little? Elasticity can help us understand this question. This video covers determinants of elasticity such as availability of substitutes, time horizon, classification of goods, nature of goods (is it a necessity or a luxury?), and the size of the purchase relative to the consumers budget.
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