ECO 561 Week 1 Paper Concept Assessment
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<strong>ECO</strong> <strong>561</strong> <strong>Week</strong> 1 <strong>Paper</strong> <strong>Concept</strong> <strong>Assessment</strong>
DQ1.What is the definition of economics (distinguish<br />
between microeconomics and macroeconomics). What is<br />
the role of economic theory in economics?<br />
DQ2.what is the difference between a command system<br />
and a market system?<br />
DQ3.There are several determinants of demand or the<br />
"other things," besides price, which affect demand. Can<br />
you provide a few examples?<br />
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DQ4.Different products have different elasticity\'s. Heart<br />
medication, for example is inelastic; and corn is elastic.<br />
Find a product and describe its price elasticity and<br />
income elasticity. How much control might an<br />
organization have over pricing based on a product's<br />
elasticity?<br />
Individual Assignment - <strong>Week</strong> One Knowledge Check<br />
Complete the <strong>Week</strong> One Knowledge Check.<br />
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