Social Studies, 06.03.2021 04:00 historyfanboy101

2. Identify the role of businesses in the circular flow. 3. Identify the role of workers/individuals in the circular flow.

4. Define "The Law of Demand”.

5. Explain the substitution effect and give an example from your personal life

6. List & explain 3 factors that affect demand

7. Explain price elasticity and name 1 product this is elastic and 1 that is inelastic

8. Define "The Law of Supply"

9. List 3 determinants (factors) of supply.

10. What are the two main variables in the law of supply and what is the relationship between the two?

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