This document outlines questions for review of economic markets and concepts. It asks about the meaning of "market" and to describe major macroeconomic markets. It also asks to draw and describe the circular flow of economic activities, determinants of demand and supply, the law of demand and exceptions, market equilibrium and causes of shifting equilibrium. Further questions cover substitution and scale effects in labor demand, why individual labor supply is backward bending, derived demand in relation to labor, demand elasticity and how it connects to labor demand and supply.
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This document outlines questions for review of economic markets and concepts. It asks about the meaning of "market" and to describe major macroeconomic markets. It also asks to draw and describe the circular flow of economic activities, determinants of demand and supply, the law of demand and exceptions, market equilibrium and causes of shifting equilibrium. Further questions cover substitution and scale effects in labor demand, why individual labor supply is backward bending, derived demand in relation to labor, demand elasticity and how it connects to labor demand and supply.
This document outlines questions for review of economic markets and concepts. It asks about the meaning of "market" and to describe major macroeconomic markets. It also asks to draw and describe the circular flow of economic activities, determinants of demand and supply, the law of demand and exceptions, market equilibrium and causes of shifting equilibrium. Further questions cover substitution and scale effects in labor demand, why individual labor supply is backward bending, derived demand in relation to labor, demand elasticity and how it connects to labor demand and supply.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOC, PDF, TXT or read online from Scribd
This document outlines questions for review of economic markets and concepts. It asks about the meaning of "market" and to describe major macroeconomic markets. It also asks to draw and describe the circular flow of economic activities, determinants of demand and supply, the law of demand and exceptions, market equilibrium and causes of shifting equilibrium. Further questions cover substitution and scale effects in labor demand, why individual labor supply is backward bending, derived demand in relation to labor, demand elasticity and how it connects to labor demand and supply.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOC, PDF, TXT or read online from Scribd
Download as doc, pdf, or txt
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Chapter 02 : Question for Review
1. What is the meaning of market as an economic terminology? Describe the major macroeconomic markets in an economy. 2. Draw and describe the circular flow of economic activities. 3. Describe the determinants of demand and supply in a commodity market. 4. Describe the law of demand with some of its exceptions. 5. What do you understand by the term market equilibrium? What are the causes of shifting product market equilibrium? 6. Describe the substitution effect and scale effect in context of labour demand.
7. Why individual labour supply is a backward bending curve? Explain with the concepts of income effect and substitution effect. 8. What is a derived demand? Explain in relation to labour demand.
9. Describe the idea of demand elasticity. How can we use the concept of elasticity in connection to labour demand and labour supply?
