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.