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ECO 561 Week 1 Complete

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ECO 561 Week 1 Complete -

DQ1.What is the definition of economics (distinguish between microeconomics and macroeconomics). What is the role of economic theory in economics?

DQ2.what is the difference between a command system and a market system?

DQ3.There are several determinants of demand or the "other things," besides price, which affect demand.  Can you provide a few examples?

DQ4.Different products have different elasticity's. Heart medication, for example is inelastic; and corn is elastic. Find a product and describe its price elasticity and income elasticity. How much control might an organization have over pricing based on a product's elasticity?

Individual Assignment - Week One Knowledge Check

Complete the Week One Knowledge Check.