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ECO 204 week 1

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ECO 204 WEEK 1

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?

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3 Other / Other Other / ECO 204 week 1 11 May 2015

ECO 204 WEEK 1 circular-flow

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.

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3 Other / Other Other / ECO 204 week 1 11 May 2015