ECO 3007 ECO3007 Week 2 Individual Work (Everest)

ECO3007 Week 2 Individual Work (Everest)

WRITING TO LEARN:

Select the top ten (10) most important ideas / concepts that you learned in chapters 3 & 4 of your textbook. NOTE: Choose five from each chapter.

Number your list and write a three to four sentence explanation of why each idea / concept is important to you and how it affects your life.

Chapter 3

1.         Relative Price versus Money Price

2.         Demand Curve

3.         Ceteris Paribus Conditions

4.         Change in Demand versus Change in Quantity Demanded

5.         Equilibrium and Equilibrium Price

Chapter 4

1.         Price Rationing

2.         Black Market and Price Ceilings

3.         Rent Controls

4.         Agricultural Price Floors

5.         Labor Market Price Floors