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Unformatted text preview: ECO 2013 Principles of Macroeconomics Chapter 3 Supply, Demand, and the Market Process 7 Learning Goals: #1 - Investigate and describe consumer behavior. Chapter heading: Consumer Choice and the Law of Demand Skip 2 sections: Consumer Surplus; Responsiveness of Quantity Demanded to Price Changes: Elastic and Inelastic Demand Curves Key terms: Law of demand- ________________________________________________________________ _____________________________________________________________________________ Substitutes- ___________________________________________________________________ When the price of a good increases, why do you usually buy less of it? _____________________ _____________________________________________________________________________ _____________________________________________________________________________ #2 - Distinguish a change in demand from a change in quantity demanded. Chapter heading: Changes in Demand Versus Changes in Quantity Demanded Key term: Complements- _________________________________________________________________ What is the difference between demand and quantity demanded? _________________________ _____________________________________________________________________________ Draw two separate demand curves. For one, illustrate a change in demand. For the other, illustrate a change in quantity demanded. Factors that cause a change in demand: 1. ___________________________________________________________...
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